Consultations: ASIC consults on Markets Disciplinary Panel
ASIC released today a consultation paper (Consultation Paper 136 Markets Disciplinary Panel (CP 136)) seeking comment on the proposed operation of its Markets Disciplinary Panel.
ASIC is setting up the panel as part of the regulatory infrastructure for the supervision of real-time trading on Australia’s domestic licensed financial markets. ASIC is expected to assume responsibility for this in August 2010.
In doing so, ASIC will be responsible for the supervision of its market integrity rules. It is proposed the Markets Disciplinary Panel will exercise ASIC’s power to issue infringement notices and accept enforceable undertakings relating to breaches of those rules.
The panel will consist of people with appropriate market or professional experience and function as a peer-review body.
The Markets Disciplinary Panel is expected, as far as practicable, to take an approach similar to the existing ASX Disciplinary Tribunal. This will include imposing penalties and requiring remedial action generally consistent with those presently imposed or required by that tribunal.
ASIC Deputy Chairman Belinda Gibson said ‘This is another step in ASIC’s preparation for the transfer of supervision. In February, we consulted on the proposed market integrity rules and based on this market feedback, we expect to release the proposed rules shortly. We are on track for transition in August.
The deadline for feedback on ASIC’s consultation paper is 21 June 2010.
For information on market supervision and surveillance go to www.asic.gov.au/markets
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