Strengthening penalties for corporate and financial sector misconduct

Tuesday, 21 November 2017

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The submission recognised that some maximum penalties for corporate misconduct within ASIC-administered legislation no longer represent an adequate deterrent to some for wrongdoing.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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