Roundup Newswires

Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network

Asic should be split in two after ‘comprehensively’ failing as regulator, parliamentary inquiry finds

Posted on July 3, 2024 by Admin

Scathing report says commission’s investigations and decisions are ‘opaque’ and it responded to criticism by managing its own reputation

Australia’s corporate watchdog should be split into two after “comprehensively” failing its role as a regulator, including focusing more on managing its reputation than enforcement action, a parliamentary committee inquiry has found.

The economics committee’s report, released Wednesday, delivers a scathing overview of the Australian Securities and Investments Commission’s (Asic) role in ensuring allegations of corporate misconduct are investigated and punished.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Victoria police were asked to look at HyperVerse information in 2020 – but sent case back to Asic 22 months later

Posted on February 14, 2024 by Admin

Australian financial regulator says it referred crypto scheme to police for alleged ‘possible fraud’ and believed matter was under ‘active consideration’

Get our morning and afternoon news emails, free app or daily news podcast

Australia’s corporate watchdog referred information about the alleged US$1.89bn “Ponzi scheme” known as HyperVerse to Victoria police in 2020, only for it to be referred back almost two years later without any action being taken.

The Australian Securities and Investments Commission made the referral to Victoria police for alleged “possible fraud offences” after concerns were raised with the corporate regulator about a related company, Blockchain Global. Asic did not provide detail on what prompted the referral.