White Collar & Corporate
5. ASIC
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 16 Sep 2015
- ASIC is the Australian Securities and Investments Commission. It is a Commonwealth body established to regulate the activity of company’s and businesses in Australia.
- The Australian Securities and Investments Commission Act 2001 (Cth) and the Corporations Act 2001 (Cth) set out the powers and responsibilities of ASIC including creating offences for certain behaviour.
- ASIC has broad powers to investigate and prosecute companies to make sure they are complying with the law.
- For information about complying with company law, setting up a business or running a company see the ASIC website: http://asic.gov.au.
- You may also like to see our topics on Companies and Company Compliance Law.
- ASIC has two important functions.
- It has the power to investigate a business; and
- it also has the power to start a prosecution against a business or an individual.
- ASIC has the power to investigate and prosecute a range of offences including:
- insider trading;
- falsifying records or books;
- the dishonest use of your position;
- carrying on your business without a licence;
- managing a company whilst disqualified; and
- also offences relating to company directors such as:
- fraud;
- cheating; or
- publishing false statements.
- Depending on the conduct:
- you may be charged under Commonwealth laws and prosecuted by the Commonwealth Department of Public Prosecutions (DPP); or
- you may be charged under state or territory legislation and prosecuted by their police or DPP.
- If your business is being investigated by ASIC or if ASIC has decided to lay a charge against you or your business it is important to get legal advice to make sure you understand your rights and obligations. Our free Find a Lawyer directory provides contact details for lawyers who may suit your needs.
View more Information on Criminal Law