find the latest legal job
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
IR Advisor/Member Advocate
Category: Industrial Relations and Employment Law | Location: St Leonards NSW 2065
· Permanent (0.8-1.0 FTE) role in a developing team
View details
More power for ASIC welcomed

More power for ASIC welcomed

New laws aimed at strengthening the investigative and punitive powers of the Australian Securities and Investment Commission (ASIC) are a welcome addition, says corporate advisory partner Byron…

New laws aimed at strengthening the investigative and punitive powers of the Australian Securities and Investment Commission (ASIC) are a welcome addition, says corporate advisory partner Byron Koster.

The laws, which will be introduced into Parliament as of today (29 September) under an amended Corporations Act, will allow ASIC to impose tougher penalties and use tools such as phone tapping in its surveillance operations.

According to Koster, a partner in the Corrs Chambers Westgarth corporate advisory group in Sydney, the laws are a valuable addition to ASIC's arsenal.

"Insider trading and market manipulation are difficult to control and difficult to prove. ASIC needs lots of tools to assist it in doing these things," he told Lawyers Weekly.

"It is important for our markets to operate in a fair way and these measures are likely to increase market fairness."

Koster says the move, which will allow ASIC to impose penalties of up to ten years imprisonment, and fines of up to $450,000 for individuals and $4.5 million for corporations found to be involved in insider trading, is welcomed by clients.

"Clients ... are oriented to compliance and seek to avoid insider trading by putting in place control measures. If anything, they welcome the changes because they are likely to have the effect of deterring their employees from engaging in market misconduct," he said.

While ASIC has come under fire in the past for a string of failed prosecutions, Koster is more forgiving and is confident the new powers will render their job much easier.

"I think ASIC has done a reasonably good job with insider trading prosecutions," he said.

"Insider trading is hard to prove. The new powers will assist ASIC in a difficult area.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

More power for ASIC welcomed
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Sep 20 2017
Silk picked to monitor national security laws
Dr James Renwick SC has been appointed as Independent National Security Legislation Monitor after se...
Two businessman, growth
Sep 19 2017
Aus catching up on international arbitration front
Australia is starting to see a spike in international arbitration with this set to continue over the...
Sep 19 2017
Manson family killer suffered ‘miscarriage of justice’: former lawyer
A retired Australian barrister has published a book on the Manson Family murders of 1969 and called ...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...