The Australian Securities and Investments Commission (ASIC) may have contacted you about an investigation of a suspected breach of financial services law or the Corporations Act.
Many people who find themselves in a situation involving an ASIC investigation aren’t aware that they may need advice and guidance from a criminal lawyer.
Bodies like ASIC have a wide range of powers they can utilise and you must understand:
What those powers are;
What your rights are and;
The options you have available to you.
Therefore, engaging an experienced lawyer before entering into any dealings with a body like ASIC is very important and failure to comply with ASIC could result in a criminal offence.
We always strongly encourage people to seek legal advice before attending any interviews or engaging in any dealings with ASIC.
ASIC (Australian Securities and Investments Commission) serves as a pivotal governmental authority tasked with overseeing the operations of companies and businesses across Australia.
Its jurisdiction extends to corporations, financial markets, financial services, and consumer credit. The agency is dedicated to:
Enhancing the efficiency and integrity of the financial system and ensuring that entities within it operate with due diligence.
Fostering a climate of trust and knowledgeable engagement among investors and consumers within the financial ecosystem.
Implementing laws with an emphasis on efficiency and minimal bureaucratic hurdles.
Promptly processing and managing the vast array of information it accumulates.
Ensuring that data about companies and related bodies is made accessible to the public swiftly.
Vigorously pursuing legal measures to uphold and enact the laws under its purview.
Providing detailed guidance to aid in compliance with breach reporting obligations.
In its capacity as the regulatory watchdog for corporate, market, and financial services, ASIC wields the authority to investigate and impose both criminal and civil penalties for infractions within the financial industry.
This enforcement capability enables ASIC to conduct investigations into suspected legal violations, issue infringement notices, pursue civil penalties, impose bans on individuals, and prosecute offenders in court.
Why does ASIC investigate?
If ASIC suspects there has been a contravention of the law, they can undertake a formal investigation.
ASIC investigates individuals to ensure compliance with Australia’s financial laws and regulations, aiming to maintain the integrity and stability of the financial market.
Investigations are typically initiated when there’s suspicion of illegal or unethical behaviour, such as fraud, insider trading, breaches of director duties, or misconduct in the financial services and credit sectors.
By investigating and addressing such behaviours, ASIC seeks to protect the public, deter potential violators, and enforce the law, thereby promoting a fair, honest, and well-functioning financial market for all participants.
What should I do if I have received a notice about an ASIC investigation?
If you have received a notice from ASIC seeking to exercise any of the above powers against you, you should contact one of our ASIC investigation lawyers immediately because:
1. The notice from ASIC will state a time and place for you to attend the examination.
2. ASIC does not need to inform you of the nature of the questions to be asked, so the notice will be general about the subject of the investigation.
This is why it’s highly recommended that you speak to an experienced lawyer who has dealt with ASIC investigations in the past.
