Footnotes

[1] This paragraph summarises facts found by Finkelstein J in ASIC v Vizard [2005] FCA 1037. His Honour notes (at [4]) that he in turn is drawing on a statement of facts agreed by plaintiff and defendant.

[2] ASIC v Vizard [2005] FCA 1037 at [45]

[3] ASIC v Vizard [2005] FCA 1037 at [47]-[49]

[4] See, for instance, McCrann "Humiliation for ASIC" Herald Sun, 29/7/2005

[5] See, for instance, Gluyas "Hanging judge did our crime-deaf watchdog's job" Australian, 29/7/2005 p. 4

[6] See, for instance, Eckermann "Big fish still slip through the net" Independent Weekly, 31/7/2005 p. 8

[7] Mr Jeffrey Lucy, Senator George Brandis, Transcript of Evidence, 13 September 2005,
pp. 23-24.

[8] Mr Damian Bugg QC, Correspondence to the Committee, 2 December 2005.

[9] Mr Jeffrey Lucy Transcript of Evidence, 13 September 2005, p. 2.

[10] Press Release, Stephen Vizard, Commonwealth Director of Public Prosecutions, 28 July 2005, pp. 2-3.

[11] Press Release, Stephen Vizard, Commonwealth Director of Public Prosecutions, 28 July 2005, p. 2.

[12] Mr Jeffrey Lucy Transcript of Evidence, 13 September 2005, p. 2.

[13] Press Release, Stephen Vizard, Commonwealth Director of Public Prosecutions, 28 July 2005, p. 2.

[14] Ms Jan Redfern Transcript of Evidence, 13 September 2005, p. 11.

[15] Ms Jan Redfern Transcript of Evidence, 13 September 2005, p. 12.

[16] Mr Damian Bugg QC, Appendix 3 to this report.

[17] ASIC, answer to question on notice no. 3.

[18] ASIC, answer to question on notice no. 6.

[19] Wood, P, "Independence must be seen" Australian Financial Review 20 July 2005, p. 63.

[20] Mr Damian Bugg QC, Appendix 3 to this report.

[21] ASIC v Vizard [2005] FCA 1037 at [45]

[22] ASIC, answer to question on notice no. 6.

[23] Mr Jeremy Cooper Transcript of Evidence, 13 September 2005, p. 30.

[24] Ms Jan Redfern Transcript of Evidence, 13 September 2005, p. 32.

[25] Mr Jeffrey Lucy Transcript of Evidence, 13 September 2005, p. 3.

[26] Mr Jeremy Cooper Transcript of Evidence, 9 November 2005, p. 28.

[27] The Treasury, Refinements to Financial Services Regulation, May 2005.

[28] Mr Jeremy Cooper Transcript of Evidence, 9 November 2005, p. 11.

[29] 'Compliance action' is a tool used by ASIC, particularly in the financial services industry, to improve the standard of compliance with the law. It has the benefit of being more wide ranging, timely and less costly (for ASIC and the licensee) than traditional enforcement action. In this case, it includes formal directions requiring licensees to take steps to address the compliance findings set out in the 6^th column of this table. Licensees who receive such directions are required to provide an audited report to ASIC in early December 2005 detailing the steps taken and changes made. Where monitoring of specific advisers is required, the licensee must review, train and supervise that adviser over the course of one year.

[30] All names have been changed to protect the identity of the parties