SYDNEY (Reuters) – Australia’s corporate regulator, which was criticized heavily by a misconduct inquiry for being soft on the financial industry, said on Tuesday it expects to refer major financial institutions and their representatives for criminal prosecutions.
The Australian Securities and Investments Commission (ASIC)has previously preferred to negotiate with offending companies instead of prosecuting them. But a government-mandated inquiry into financial sector misconduct that ended earlier this month castigated the practice, and also recommended more oversight of the regulators themselves.
Inquiry - Royal - Commission - Instances - ASIC
The inquiry, called the Royal Commission, found instances where ASIC and the Australian Prudential Regulation Authority(APRA) had responded inadequately to serious cases of misconduct by financial services providers.
In a statement on Tuesday, ASIC said it will seek criminal prosecutions not only for the cases of misconduct recommended by the inquiry or reviewed publicly by it but also for...
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