Tag Archives: Ian Ramsay

Compliance Programs Introduced in Response to Enforcement by the Australian Securities and Investments Commission

By Ian Ramsay and Mihika Upadhyaya

Compliance programs are an established feature of the Australian regulatory landscape. The Australian Securities and Investments Commission (ASIC) has, since the early 2000s, regularly settled enforcement actions on the basis that the alleged offender would, among other matters, implement or improve a compliance program. In addition, courts may, on application by ASIC, order a person who has contravened certain sections of the Australian Securities and Investments Commission Act 2001 (ASIC Act) or the Corporations Act 2001 (Corporations Act) to implement a compliance program.

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The Enforcement Outcomes of the Australian Securities and Investments Commission

By Ian Ramsay and Miranda Webster

The following post provides an overview of the key findings from our research on the enforcement outcomes of the Australian Securities and Investments Commission (ASIC) for the five-year period from 1 July 2011 to 30 June 2016. The full journal article can be accessed here.

ASIC is Australia’s corporate, markets, financial services and consumer credit regulator. This government organization regulates Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit. ASIC dedicates a significant amount of resources (around 70%) to surveillance and enforcement activity, reflecting its view that enforcement is an important part of its regulatory role. Continue reading →

The Extent and Intensity of Insider Trading Enforcement – an International Comparison

by Lev Bromberg, George Gilligan, and Ian Ramsay

Insider trading, a form of misconduct criminalized in many countries, was again in the headlines recently with the U.S. Federal Bureau of Investigation’s “Operation Perfect Hedge”, an investigation relating to hedge funds which uncovered interweaving webs of trading networks spanning several industries. Indeed, the operation at one point provided the U.S. authorities with a perfect record of 85 convictions for insider traders. The convictions of those involved – including Galleon founder Raj Rajaratnam and former S.A.C Capital Advisors portfolio manager Mathew Martoma – resulted in record prison sentences and monetary fines for insider trading. But how do these significant insider trading penalties compare with those imposed in other countries?

Our recent article, ‘The Extent and Intensity of Insider Trading Enforcement – an International Comparison’, presents the results of a detailed comparative empirical study of sanctions imposed for insider trading in Australia, Canada (Ontario), Hong Kong, Singapore, the United Kingdom, and the United States over a seven year period to 2015. Continue reading →