Original article by Patrick Durkin
The Australian Financial Review – Page: 1 & 6 : 23-Oct-17

The Federal Government will give incoming Australian Securities & Investments Commission chairman James Shipton greater powers to impose penalties on companies that do the wrong doing. The changes stem from recommendations by an ASIC taskforce and David Murray’s Financial System Inquiry. Amongst other things, the ASIC taskforce suggested that penalties for corporate wrongdoing be increased from $A1 million to $A3 million. ASIC has long been concerned that the extent of the penalties it can impose do not match those available to other regulators such as the Australian Competition & Consumer Commission and AUSTRAC.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF FINANCE, HARVARD UNIVERSITY, CREDIT SUISSE (AUSTRALIA) LIMITED, THE GOLDMAN SACHS GROUP INCORPORATED, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS