Australia: ASIC focus on briefing of sell-side analysts, may seek product intervention powers

In a speech to the G100 held in Aust this week, ASIC Commissioner Price provided a short update on topics of ASIC focus.  These include:

• in the context of handling confidential information, “a targeted review [of] briefings of sell-side analysts, by looking at the kind of information analysts have access to immediately prior to a material change in their reports”; and
• in the context of the Financial System Inquiry and Senate Inquiry into ASIC’s performance, a reminder that ASIC is increasingly looking to global regulatory approaches.  For example, rather than relying on conduct and disclosure regulation, ASIC may seek ‘product intervention’ powers akin to those of the UK FCA.

ASIC is also encouraging debate about penalties for corporate wrongdoing arising from its detailed paper on the topic looking at penalties in the UK, US, Canada & Hong Kong (ASIC Report 387).