The AICD has lodged a submission in response to the ASIC Enforcement Review Taskforce’s position paper on strengthening corporate and financial sector misconduct.
The submission recognised that some maximum penalties for corporate misconduct within ASIC-administered legislation no longer represent an adequate deterrent to some for wrongdoing. Accordingly, the AICD supported substantial increases in penalties for a variety of offences and contraventions in that legislation.
The submission also raised a number of concerns about some of the reform proposals, including the proposed expansion of the infringement notice regime.
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