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ASX Compliance Education and Research Program

The ASX Compliance Education and Research Program (ERP) was established by ASX in 2007 as a measure to manage perceived conflicts that might arise if penalties imposed on participants by ASX for breaching ASX's operating rules were applied to ASX's own benefit. Since then, surplus monies arising from the penalties imposed on participants by ASX, net of external expenses, have been set aside and applied to the ERP. Monies in the ERP have been used to fund various compliance education and research activities, including the cost of conducting training or education events for participants and other stakeholders on compliance matters.

Terms of reference

The terms of reference for the ERP are to undertake activities in the interests of ASX's stakeholders which:

  • raise awareness of, and facilitate or promote compliance with, ASX's rules, procedures and related guidance;
  • educate stakeholder on trends and issues in compliance;
  • contribute to a better compliance culture within ASX’s stakeholder groups; or
  • promote trust and confidence in ASX’s markets and clearing and settlement facilities.

A note on the future of the ERP

With the responsibility for supervising real-time trading on Australia’s licensed markets and for the conduct of participants on those markets having transferred to ASIC in 2010, the number of ASX enforcement matters and the aggregate level of penalties imposed by ASX against participants have significantly diminished. Consequently, the ERP is no longer receiving the level of incoming funds from penalties it has received in the past and the amount of funds in the ERP are diminishing over time as money is expended on new compliance education and research initiatives. ASX intends to keep the operation of the ERP and the level of its funding under review and may decide to terminate the ERP if its continued operation becomes uneconomical.