ASIC's investigations and enforcement powers: corporate collapses and lawyers' accessorial liability

Abstract

[Extract] • ASIC's regulatory role and objectives include:

• ensuring compliance with the corporations legislation;

• protecting the public (including investors and creditors);

• promoting public confidence in the effectiveness, integrity, transparency and accountability of the regulatory system;

• assisting victims to obtain compensation;

• punishing those who contravene the law thereby promoting specific and general deterrence; and

• omoting effective regulation and the proper functioning of the economy thereby enhancing the prosperity of all Australians