On 22 September 2020 the Australian Securities and Investment Commission (ASIC) released its bi-annual enforcement report for the January to June 2020 period.1 In this article we will summarise the key takeaways from the report, and consider what this means for individuals and organisations heading into the latter half of 2020.
To further its priority concern areas and strategic priorities as outlined in its Interim Corporate Plan 2020-21, ASIC enforcement teams are currently prioritising the following areas:
The complete statistics and figures are available on page 6 of the update, however between 1 January and 30 June 2020:
With the disruption, economic downturn and market uncertainty that COVID-19 has caused, as Australia’s financial services regulator, ASIC has had to navigate the heightened risks to consumers, many of whom are in an increased state of financial vulnerability despite the safe harbour provisions.
In response to this, ASIC has created a set of COVID-19 enforcement priorities to mediate its response to COVID-19 related misconduct. These enforcement priorities are:
As we have discussed in our previous updates [see here and here], ASIC has extensive investigative powers.4 ASIC may commence an investigation in a number of situations, including where it suspects there has been a contravention of the Corporations Act 2001 (Cth) (Corporations Act).5
It is a timely reminder that:
If you have any questions in relation to this article please do not hesitate to contact Lavan’s experienced Corporates Disputes team.
 ASIC, Enforcement Update, January to June 2020, Report 666, published September 2020.
 Ibid .
 Ibid .
 Australian Securities and Investments Commission Act 2001 (Cth) s 13.
 Australian Securities and Investments Commission Act 2001 (Cth) s 13(1).