Footnotes

Chapter 1 - Introduction

[1]        Parliamentary Joint Committee on Corporations and Financial Services, Oversight of ASIC, http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/asic (accessed 24 September 2012).

[2]        Australian Stock Exchange, Answers to questions on notice, 17 December 2012.

[3]        The Hon. Bernie Ripoll, Parliamentary Secretary to the Treasurer, 'Departure of the Deputy Chairperson of the Australian Securities and Investments Commission, Belinda Gibson', Media Release No. 57, 19 December 2012, http://parlsec.treasurer.gov.au/DisplayDocs.aspx?doc=pressreleases/2012/057.htm&pageID=003&min=bfr&Year=&DocType (accessed 20 December 2012).

Chapter 2 - High frequency trading and dark pools

[1]        See Larry Harris, 'Stop the high frequency arms race', FT Trading Room, 27 December 2012, http://www.ft.com/intl/cms/s/0/618c60de-4b80-11e2-88b5-00144feab49a.html#axzz2HcGOlNxU (accessed 10 January 2013).

[2]        Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 13.

[3]        Treasury, Australia's financial market regime: Addressing market evolution, http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/Australias-financial-market-regime-Addressing-market-evolution (accessed 10 January 2013).

[4]        See 'Glossary of useful terms linked to markets in financial instruments', http://ec.europa.eu/internal_market/securities/docs/glossary_en.pdf (accessed 12 January 2013).

[5]        Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 7.

[6]        Mr Peter Hiom, Deputy Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 8.

[7]        Mr Peter Hiom, Deputy Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 10.

[8]        The Hon. Bill Shorten, Minister for Superannuation and Financial Services, 'Investors to benefit from new rules on high frequency trading and dark pools', Media Release, 26 November 2012.

[9]        The Hon. Bill Shorten, Minister for Superannuation and Financial Services, 'Investors to benefit from new rules on high frequency trading and dark pools', Media Release, 26 November 2012.

[10]      Ms Belinda Gibson, Deputy Chairperson, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 36.

[11]      The Hon. Bill Shorten, Minister for Superannuation and Financial Services, 'ASIC dark liquidity and high frequency trading taskforces', Media Release, 26 November 2012, http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2012/078.htm&pageID=003&min=brs&Year=&DocType=. (accessed 31 January 2013).

[12]      A tick size refers to the minimum price movement of a trading instrument. 

[13]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 36.

[14]      Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 7.

[15]      Ms Belinda Gibson, Deputy Chair, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 36.

[16]      Quote stuffing is where a bidder quickly enters and withdraws large orders to attempt to flood the market with quotes and cause competitors to lose their competitive edge in high frequency trading.

[17]      Ms Belinda Gibson, Deputy Chairperson, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 36.

[18]      Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 3.

[19]      Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 3.

[20]      ASIC, answer to question on notice, 20 June 2012 (received 26 July 2012).

[21]      Ms Belinda Gibson, Deputy Chairperson, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 37.

[22]      Ms Belinda Gibson, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 37.

[23]      Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 7.

[24]      Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 8.

[25]      Mr Peter Hiom, Deputy Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 10.

[26]      Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 10.

[27]      Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 11.

[28]      Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 3.

[29]      Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 6.

[30]      ASIC, answer to question on notice, 20 June 2012 (received 26 July 2012).

[31]      Mr Elmer Funke Kupper, Chief Executive Officer, Australian Securities Exchange, Committee Hansard, 3 December 2012, p. 4.

Chapter 3

[1]        Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 12.

[2]        ASIC, Audit inspection progress report for 2011–12, December 2012, p. 4.

[3]        Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 12. See also ASIC's audit inspection findings for 2011–12, Media release 12/301, 4 December 2012, http://www.asic.gov.au/asic/asic.nsf/byheadline/12-301MR+ASICs+audit+inspection+findings+for+2011-12?openDocument (accessed 24 January 2013).

[4]        ASIC, Audit inspection progress report for 2011–12, December 2012, p. 4.

[5]        ASIC, Audit inspection progress report for 2011–12, December 2012, p. 4.

[6]        Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 20.

[7]        Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 20.

[8]        McGrathNicol, Banksia Securities Limited, Receivers and Managers' report to debenture holders, 7 December 2012, p. 20.

[9]        Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 12.

[10]      Georgia Wilkins, 'Negligence and conflict claims in Banksia collapse', Sydney Morning Herald, 15 December 2012.

[11]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 21.

[12]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 21.

[13]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 22.

[14]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 12.

[15]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, p. xxii.

[16]      See Auditing and Assurance Standards Board, Standard on Assurance Engagements ASAE 3100 Compliance engagements http://www.auasb.gov.au/admin/file/content102/c3/asae_3100_9-09-08.pdf (accessed 31 January 2013).

[17]      ASIC, Submission 51 to the Parliamentary Joint Committee on Corporations and Financial Services' Inquiry into the collapse of Trio Capital, p. 42.

[18]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, p. xxiii.

[19]      Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012

[20]      Mr Greg Tanzer, Commissioner, Australian Securities and Investments Commission, Committee Hansard, p. 18.

[21]      Australian Securities and Investments Commission, 'Registration of registered superannuation fund auditors', Regulatory Guide 243, January 2013, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg243-published-24-January-2013.pdf/$file/rg243-published-24-January-2013.pdf (accessed 31 January 2013).

[22]      Australian Securities and Investments Commission, 'ASIC releases SMSF auditor registration guidance and competency standards', Media release, 10 December 2012, http://www.asic.gov.au/asic/asic.nsf/byheadline/12-308MR+ASIC+releases+SMSF+auditor+registration+guidance+and+competency+standards?openDocument (accessed 31 January 2013).

[23]      Australian Securities and Investments Commission, 'SMSF auditor register is here', Media release, 31 January 2013, http://www.asic.gov.au/asic/asic.nsf/byHeadline/13-013MR%20%20SMSF%20auditor%20register%20is%20here?opendocument (accessed 31 January 2013).

Chapter 4

[1]        Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into financial products and services, November 2009, pp 36–43.

[2]        Mr David Cohen, Commonwealth Bank of Australia, Official Committee Hansard, Sydney, 4 September 2009, p. 57. Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into financial products and services, November 2009, p. 46.

[3]        Australian Securities and Investments Commission, 'ASIC and CBA reach Storm Financial settlement', Media release, 14 September 2012, http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/12-227MR%20ASIC%20and%20CBA%20reach%20Storm%20Financial%20settlement?opendocument (accessed 20 January 2013).

[4]        Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, pp 12–13.

[5]        Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 19.

[6]        Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 19.

[7]        Australian Securities and Investments Commission, Answer to question on notice, received 19 December 2012.

[8]        The government has not yet responded to the committee's recommendations in its report into the collapse of Trio Capital.

[9]        Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, Recommendation 4, p. xxvii.

[10]      Mr Greg Tanzer, Commissioner, Australian Securities and Investments Commission, Committee Hansard, p. 19.

[11]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, Recommendation 11, p. xxix.

[12]      Mr Chris Savundra, Senior Executive Leader, Enforcement, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 16.

[13]      Mr Chris Savundra, Senior Executive Leader, Enforcement, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 16.

[14]      Mr Chris Savundra, Senior Executive Leader, Enforcement, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 17.

[15]      Australian Securities and Investments Commission, Answer to question on notice, received 17 December 2012.

[16]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 17.

[17]      Mr Chris Savundra, Senior Executive Leader, Enforcement, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 16.

[18]      Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012. The committee tabled its report into the provisions of this bill on 5 February 2013.

[19]      Schedule 1, items 4 and 5.

[20]      Parliamentary Joint Committee on Superannuation and Financial Services, Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, February 2012, p. 149.

[21]      The 'obviate the need' issue refers to the 'opt-in' requirement in the FOFA legislation.

[22]      Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 30.

[23]      Australian Securities and Investments Commission, Consultation Paper No. 189—Future of Financial Advice: Conflicted Remuneration, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp189-published-28-September-2012.pdf/$file/cp189-published-28-September-2012.pdf (accessed 20 January 2013).

[24]      Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 29.

[25]      Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 30.

[26]      Mr Paul Fletcher MP, Committee Hansard, 3 December 2012, p. 29.

[27]      Australian Securities and Investments Commission, Answer to question on notice No. 5, received 19 December 2012.

[28]      Australian Securities and Investments Commission, Licensing: Financial product advisers—Conduct and disclosure, Regulatory Guide 175, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg-175-published-13-December-2012.pdf/$file/rg-175-published-13-December-2012.pdf (accessed 31 January 2013).

          Australian Securities and Investments Commission, 'Giving information, general advice and scaled advice', December 2012, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg-244-published-13-December-2012.pdf/$file/rg-244-published-13-December-2012.pdf, (accessed 31 January 2013).

[29]      Australian Securities and Investments Commission, Fee disclosure statements, Regulatory Guide 245, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg245-published-25-January-2013.pdf/$file/rg245-published-25-January-2013.pdf (accessed 31 January 2013).

[30]      See 'ASIC FOFA Workshops', http://www.asic.gov.au/asic/asic.nsf/byheadline/ASIC+FOFA+workshops?openDocument (accessed 31 January 2013).

[31]      John Andrew Henry Forrest v Australian Securities and Investments Commission & Anor, High Court of Australia, 2012 HCA 39, 2 October 2012, http://www.hcourt.gov.au/assets/publications/judgment-summaries/2012/hca39-2012-10-02.pdf (accessed 20 January 2013).

[32]      John Andrew Henry Forrest v Australian Securities and Investments Commission & Anor, High Court of Australia, 2012 HCA 39, 2 October 2012.

[33]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 32.

[34]      Ms Belinda Gibson, Deputy Chairperson, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 33.

[35]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 33.

[36]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 33.

[37]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 13.

[38]      See Mr John Price, Commissioner, Australian Securities and Investments Commission, Continuous disclosure, A speech to the Chartered Secretaries Australia Annual Conference, 3 December 2012, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/continuous-disclosure-speech-published-3-December-2012.pdf/$file/continuous-disclosure-speech-published-3-December-2012.pdf (accessed 20 January 2013).

[39]      Australian Securities Exchange, 'Guidance Note 8 Continuous disclosure: Listing Rules 3.1–3.1B' http://www.asxgroup.com.au/media/GN_8_Consultation_Paper.pdf (accessed 20 January 2013).

[40]      Corrs Chambers Westgarth, 'ASIC secures High Court victory against James Hardie directors', 4 May 2012 http://www.corrs.com.au/publications/tgif/asic-secures-high-court-victory-against-james-hardie-directors/ (accessed 20 January 2013).

[41]      Corrs Chambers Westgarth, 'ASIC secures High Court victory against James Hardie directors', 4 May 2012.

[42]      Corrs Chambers Westgarth, 'ASIC secures High Court victory against James Hardie directors', 4 May 2012. See also High Court of Australia, Australian Securities and Investments Commission v Meredith Hellicar & Ors [2012] HCA 17, 3 May 2012 http://www.hcourt.gov.au/assets/publications/judgment-summaries/2012/hcasum17_ASIC_v_Hellicar.pdf (accessed 31 January 2013).

[43]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 13.

[44]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 32.

Appendix 1 - Answers to questions on notice   

[1] MF Global Australia Ltd (in liq) [2012] NSWSC 994