ASIC, the Australian Securities and Investments Commission is responsible for investigating and prosecuting contraventions of the Commonwealth Corporations Act 2001.

ASIC, as the investigating authority, has a wide range of powers to investigate these matters. ASIC has the power to compel directors, employers and employees to attend compulsory hearings where those being questioned cannot legally refuse to answer questions.

Some examples of the types of behaviour which may lead to an ASIC investigation or prosecution include:

  • Company directors committing acts of fraud against the company;
  • Carrying on financial services without appropriate licenses;
  • Falsification of Company records; and
  • Offences of insider trading and other market manipulation tactics against the stock market.