On 18 October 2018, the AICD provided a submission to the government responding to draft legislation which would, if enacted, significantly increase penalties available to ASIC for corporate and financial sector misconduct.
In its submission, the AICD recognises that some penalties for corporate misconduct within ASIC-administered legislation do not represent an adequate deterrent for wrongdoing. For this reason, the AICD supports a number of the measures proposed by the government which will result in substantial increases in penalties for a variety of offences and contraventions in ASIC-administered legislation. The AICD also supports the expansion of the civil penalty regime, and the strengthening of s 184 of the Corporations Act. While significant reforms, the AICD supports them because they will strengthen ASIC and help to build community trust in the corporate sector.
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