ASIC Penalties Project - An Analysis of Penalties under ASIC Administered Legislation
Overview
The ASIC Penalties Project is the first in-depth study of the practical operation of penalties imposed by courts and other bodies under legislation administered by the Australian Securities and Investments Commission (ASIC).
Background
A significant policy debate is unfolding regarding the penalties imposed by courts and other bodies under legislation administered by key economic regulators such as ASIC. The ASIC Penalties Project will conduct a holistic review of such penalties over a 10 year period from 2005 to 2014, to assess whether adequate penalties are available to ASIC and set at an appropriate level. The project will also consider whether the penalties are effectively administered and how ASIC's penalties regime could be improved.
By combining available documentary evidence with surveys and semi-structured interviews, the ASIC Penalties Project will build a penalties database and develop a series of research papers that analyse the theoretical and policy based rationales for the imposition of penalties. These initiatives can inform not only policy development and operational practice regarding ASIC, but also can be informative for other Australian regulators, regulated communities, the judiciary, law enforcement agencies, industry, media, academe and the broader public.
Project Publications
Lev Bromberg, George Gilligan, Jasper Hedges and Ian Ramsay, ‘Sanctions Imposed for Insider Trading in Australia, Canada (Ontario), Hong Kong, Singapore, New Zealand, the United Kingdom and the United States: An Empirical Study’ (Working Paper No 5, Centre for International Finance and Regulation and Centre for Corporate Law and Securities Regulation, the University of Melbourne, 30 June 2016)
Researchers
- Professor Ian Ramsay
- Dr George Gilligan, Senior Research Fellow
- Mr Andrew Godwin, Senior Lecturer
- Mr Jasper Hedges, Research Fellow
Project Details
Type of Grant
Centre for International Finance and Regulation (CIFR) and the University of Melbourne
Duration
2005-2014
Funds Received
$389,084.00