ASX Referrals to ASIC

ASX works closely with ASIC, the government regulator with responsibility for monitoring and enforcing the Corporations Act.  As a licensed market operator and provider of clearing and settlement facilities, ASX is obliged to notify ASIC of certain matters. These include:

  • Suspected significant contraventions of the ASX Group Operating Rules or the Corporations Act, such as allegations of insider trading and market manipulation;
  • Matters that may adversely affect the ability of a Market Participant to meet its obligations as a financial services licensee;
  • Specific matters prescribed by law; and
  • Action taken by the ASX Disciplinary Tribunal for breaches of the ASX Group Operating Rules.

The Memorandum of Understanding (PDF 878KB) between ASX and ASIC also provides guidance on the referral of supervisory matters from ASX to ASIC.

ASIC, rather than ASX, is conferred with the powers of civil and criminal enforcement.

Overview of total Referrals from ASX to ASIC 

   FY09   2H FY09 1H FY09 FY08
Total  88   43 45 92 

A single Referral from ASX to ASIC may include more than one contravention of an ASX Rule or the Corporations Act.

ASX also cooperates with ASIC on broader enforcement issues facing the market.  Some outcomes achieved by ASIC as a result of referrals or other forms of assistance, as disclosed on the ASIC website, include: