Footnotes


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 2 April 2013).

Chapter 2 - Concerns with the quality of auditing

[1]        ASIC Act 2001, ss. 224(aa).

[2]        ASIC Act 2001, ss. 227AA(1).

[3]        Corporations Act 2001, s. 307A, ss. 336(1).

[4]        See Note, ss. 225(1), ASIC Act 2001. Section 261 of the ASIC Act directs that bodies established under the Australian Securities Commission Act 1989 continue in existence as if they had been established under the ASIC Act.

[5]        ASIC Act 2001, ss. 225(1), para. 225(2A)(c).

[6]        Corporations Legislation Amendment (Audit Enhancement) Act 2012, schedule 2, part 1(5); ASIC Act 2001, ss. 225(2B). The amendments repealed the requirement for the FRC to monitor auditor independence.

[7]        Strategic Direction issued by the FRC to the AUASB on 6 April 2005, published in Auditing and Assurance Standards Board, AUASB Functions and Processes, November 2012, p. 5.

[8]        Auditing and Assurance Standards Board, Annual Report 2011–12, October 2012, p. 7.

[9]        Auditing and Assurance Standards Board, Annual Report 2011–12, October 2012, p. 4.

[10]      Corporations Act 2001, s. 307C.

[11]      Auditing and Assurance Standards Board (AUASB), Auditing Standard ASA 200—Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with the Australian Auditing Standards, October 2009, paras 14–17.

[12]      According to the UKFRC, the five key drivers of audit quality are: the culture within an audit firm; the skills and personal qualities of audit partners and staff; the effectiveness of the audit process; the reliability and usefulness of audit reporting; and factors outside the control of auditors affecting audit quality. The Treasury, Audit Quality in Australia: A Strategic Review, March 2010, p. 3.

[13]      The Treasury, Audit Quality in Australia: A Strategic Review, March 2010, p. 3.

[14]      The Treasury, Audit Quality in Australia: A Strategic Review, March 2010, p. 7.

[15]      Corporations Legislation Amendment (Audit Enhancement) Act 2012.

[16]      Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012. Registration eligibility requirements include a competency examination, educational qualifications and supervised practical experience. See ASIC, 'SMSF auditor registration', www.asic.gov.au/asic/ASIC.NSF/byHeadline/SMSF%20auditor%20registration (accessed 26 March 2013).

[17]      Mr Greg Tanzer, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, pp 27–28.

[18]      Mr Greg Tanzer, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, pp 27–28.

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

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

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

[22]      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 25 March 2013).

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

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

[25]      Mr Jim Murphy, Executive Director, Markets Group, Treasury, Committee Hansard, 15 March 2013, p. 3.

[26]      Ms Merran Kelsall, Chair and Chief Executive Officer, Australian Auditing and Assurance Standards Board, Committee Hansard, 15 March 2013, p. 7; Ms Liz Stamford, Head of Audit Policy, Institute of Chartered Accountants Australia, Committee Hansard, 15 March 2013, p. 7; Ms Lynette Wood, Chair, Financial Reporting Council, Committee Hansard, 15 March 2013, p. 7.

[27]      Ms Liz Stamford, Head of Audit Policy, Institute of Chartered Accountants Australia, Committee Hansard, 15 March 2013, p. 3.

[28]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Committee Hansard, 21 March 2013, p. 6.

[29]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2013, pp xxii–xxiii.

[30]      Ms Lynette Wood, Chair, Financial Reporting Council, Committee Hansard, 15 March 2013, p. 2.

[31]      Ms Lynette Wood, Chair, Financial Reporting Council, Committee Hansard, 15 March 2013, p. 5.

[32]      Ms Lynette Wood, Chair, Financial Reporting Council, Committee Hansard, 15 March 2013, p. 5.

[33]      Ms Lynette Wood, Chair, Financial Reporting Council, Committee Hansard, 15 March 2013, p. 7.

[34]      Ms Merran Kelsall, Chair and Chief Executive Officer, Australian Auditing and Assurance Standards Board, Committee Hansard, 15 March 2013, p. 1.

[35]      Ms Merran Kelsall, Chair and Chief Executive Officer, Australian Auditing and Assurance Standards Board, Committee Hansard, 15 March 2013, p. 5.

[36]      Ms Merran Kelsall, Chair and Chief Executive Officer, Australian Auditing and Assurance Standards Board, Committee Hansard, 15 March 2013, p. 7.

[37]      Ms Liz Stamford, Head of Audit Policy, Institute of Chartered Accountants Australia, Committee Hansard, 15 March 2013, p. 6.

[38]      Ms Liz Stamford, Head of Audit Policy, Institute of Chartered Accountants Australia, Committee Hansard, 15 March 2013, pp 5–6; Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Committee Hansard, 21 March 2013, pp 6 and 1–2.

[39]      Mr Alex Malley, Chief Executive, CPA Australia, Letter to the Committee Secretary, 20 March 2013, Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, CPA tabled document.

[40]      Ms Liz Stamford, Head of Audit Policy, Institute of Chartered Accountants Australia, Committee Hansard, 15 March 2013, p. 7.

[41]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Committee Hansard, 21 March 2013, p. 2.

[42]      Mr Alex Malley, Chief Executive, CPA Australia, Letter to the Committee Secretary, 20 March 2013, Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, CPA tabled document, http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/asic

[43]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Committee Hansard, 21 March 2013, p. 2.

[44]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 29.

[45]      Competition Commission (UK), 'Audit market not serving shareholders', Media release, 22 February 2013, www.competition-commission.org.uk/media-centre/latest-news/2013/Feb/
audit-market-not-serving-shareholders (accessed 27 March 2013).

[46]      Ms Laura Carstensen, Chair, UK Audit Investigation Group, cited in Competition Commission (UK), 'Audit market not serving shareholders', Media release, 22 February 2013, www.competition-commission.org.uk/media-centre/latest-news/2013/Feb/
audit-market-not-serving-shareholders (accessed 27 March 2013).

[47]      Competition Commission (UK), 'Audit market not serving shareholders', Media release, 22 February 2013, www.competition-commission.org.uk/media-centre/latest-news/2013/Feb/
audit-market-not-serving-shareholders (accessed 27 March 2013).

[48]      CPA Australia & Accounting and Finance Association of Australia and New Zealand (AFAANZ), Synthesis Study—Competition in the ASX listed company audit market: preliminary results, March 2013, Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, CPA tabled document, http://www.aph.gov.au/Parliamentary_Business/Committees/Senate_Committees?url=corporations_ctte/asic/index.htm

[49]      CPA Australia & AFAANZ, Synthesis Study—Competition in the ASX listed company audit market: preliminary results, March 2013, p. 1.

[50]      CPA Australia & AFAANZ, Synthesis Study—Competition in the ASX listed company audit market: preliminary results, March 2013, p. 2.

[51]      CPA Australia & AFAANZ, Synthesis Study—Competition in the ASX listed company audit market: preliminary results, March 2013, p. 1.

[52]      CPA Australia & AFAANZ, Synthesis Study—Competition in the ASX listed company audit market: preliminary results, March 2013, p. 1.

[53]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 25.

[54]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 25.

[55]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, pp 25–26.

[56]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Committee Hansard, 21 March 2013, p. 4.

[57]      Ms Merran Kelsall, Chair and Chief Executive Officer, Australian Auditing and Assurance Standards Board, Committee Hansard, 15 March 2013, pp 10–11.

[58]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Committee Hansard, 21 March 2013, pp 5–6.

[59]      Mr Paul Fletcher MP, Committee Hansard, 21 March 2013, p. 9.

[60]      Ms Merran Kelsall, Chair and Chief Executive Officer, Australian Auditing and Assurance Standards Board, Committee Hansard, 15 March 2013, p. 9.

[61]      Ms Liz Stamford, Head of Audit Policy, Institute of Chartered Accountants Australia, Committee Hansard, 15 March 2013, p. 9.

[62]      Ms Liz Stamford, Head of Audit Policy, Institute of Chartered Accountants Australia, Committee Hansard, 15 March 2013, pp 9–10.

[63]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 26.

[64]      Mr Alex Malley, Chief Executive, CPA Australia, Letter to the Committee Secretary, 20 March 2013, Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, CPA tabled document.

[65]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Committee Hansard, 21 March 2013, p. 7.

[66]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 29.

[67]      Mr Amir Ghandar, Policy Adviser, Audit and Assurance, CPA Australia, Committee Hansard, 21 March 2013, p. 4.

Chapter 3 - High-frequency trading and dark liquidity

[1]        Australian Securities and Investments Commission, ASIC supervision of markets and participants: July to December 2012, Report 327, February 2013, p. 4.

[2]        Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 5, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rep331-published-18-March-2013.pdf/$file/rep331-published-18-March-2013.pdf (accessed 4 April 2013).

[3]        Australian Securities and Investments Commission, Dark liquidity and high-frequency trading: Proposals, Consultation paper 202, March 2013, p. 5, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp202-published-18-March-2013.pdf/$file/cp202-published-18-March-2013.pdf (accessed 4 April 2013).

[4]        Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 12.

[5]        Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 12.

[6]        A market participant is a person admitted as a participant of a licensed market with trading permission to directly access the market to trade on behalf of their clients and/or themselves. Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 12.

[7]        Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 12.

[8]        Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 5.

[9]        Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 5.

[10]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 14.

[11]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 23.

[12]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 25.

[13]      Australian Securities and Investments Commission, liquidity and high-frequency trading, Report 331, March 2013, p. 25.

[14]      The Treasury, Australia's financial market licensing regime: Addressing market evolution, Options paper, November 2012, p. 3.

[15]      The Treasury, Australia's financial market licensing regime: Addressing market evolution, Options paper, November 2012, p. 1.

[16]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 5.

[17]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 26.

[18]      Carole Comerton-Forde and Talis J. Putnins, Dark trading and price discovery, Social Science Research Network, 26 November 2012, pp 3–4, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2183392 (accessed 3 April 2013).

[19]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 5.

[20]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, pp 15–16.

[21]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 37.

[22]      Australian Securities and Investments Commission, liquidity and high-frequency trading, Report 331, March 2013, p. 5.

[23]      Australian Securities and Investments Commission, liquidity and high-frequency trading, Report 331, March 2013, p. 73.

[24]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, pp 12–13.

[25]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 71.

[26]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 67.

[27]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 75.

[28]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 13.

[29]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 72.

[30]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 72.

[31]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 87.

[32]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 66.

[33]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 69.

[34]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, pp 69 and 73.

[35]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 74.

[36]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 80.

[37]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 88.

[38]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 88.

[39]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 89.

[40]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 89.

[41]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 91.

[42]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, pp 90–91.

[43]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 91.

[44]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 91.

[45]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 92.

[46]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 93.

[47]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 93.

[48]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 94.

[49]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 95.

[50]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 95.

[51]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 23.

[52]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 27.

[53]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading Report 331, March 2013, p. 19; see also 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.

[54]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 38.

[55]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 85.

[56]      The Treasury, Australia's financial market licensing regime: Addressing market evolution, Options paper, November 2012, p. 1.

[57]      The Treasury, Australia's financial market licensing regime: Addressing market evolution, Options paper, November 2012, p. 1.

[58]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 17.

[59]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading, Report 331, March 2013, p. 17.

[60]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading: Proposals, Consultation paper 202, March 2013.

[61]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading: Proposals, Consultation paper 202, March 2013, p. 46.

[62]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading: Proposals, Consultation paper 202, March 2013, p. 38.

[63]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading: Proposals, Consultation paper 202, March 2013, pp 39–41.

[64]      Australian Securities and Investments Commission, Dark liquidity and high-frequency trading: Proposals, Consultation paper 202, March 2013, p. 42.

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

Chapter 4 - The Future of Financial Advice reforms

[1]        Parliamentary Joint Committee on Superannuation and Financial Services, Inquiry into financial products and services in Australia, November 2009, pp 149–151; Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011.

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

[3]        Parliamentary Joint Committee on Corporations and Financial Services, Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013, May 2013.

[4]        Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Proof Committee Hansard, 15 March 2013, p. 33.

[5]        Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Proof Committee Hansard, 15 March 2013, p. 33.

[6]        Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Proof Committee Hansard, 15 March 2013, p. 33.

[7]        Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Proof Committee Hansard, 15 March 2013, p. 34.

[8]        Parliamentary Joint Committee on Corporations 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. xv.

Chapter 5 - Developments with Trio Capital, Whitehaven Coal, Macquarie Entities and Storm Financial

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

[2]        Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 14.

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

[4]        Australian Securities and Investments Commission, Former Astarra investment manager sentenced to jail, Media release 11–169, 12 August 2011, http://www.asic.gov.au/asic/asic.nsf/byheadline/11%E2%80%93169MR+Former+Astarra+investment+manager+sentenced+to+jail?openDocument (accessed 8 May 2013).

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

[6]        Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 14.

[7]        Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 14.

[8]        Mr Chris Savundra, Senior Executive Leader, Markets Enforcement, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 15.

[9]        Australian Securities and Investments Commission, answer to question on notice, 15 March 2013 (received 10 May 2013).

[10]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 14.

[11]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into financial products and services in Australia, November 2009, chapter 3, pp 19–50.

[12]      Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, No. 1, February 2013, p. 23.

[13]      Michael Janda, Macquarie announces Storm settlement, ABC News online, 15 March 2013, http://www.abc.net.au/news/2013-03-15/macquarie-announces-storm-settlement/4575998 (accessed 8 May 2013).

[14]      ANZ divests from Maules Creek project, Media release, 7 January 2013, http://images.smh.com.au/file/2013/01/07/3934862/Hoax.pdf (accessed 7 may 2013).

[15]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 13.

[16]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 31.

[17]      Mr Greg Yanco, Senior Executive Leader, Market and Participant Supervision, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 31.

[18]      Mr Greg Yanco, Senior Executive Leader, Market and Participant Supervision, and  Mr Chris Savundra, Senior Executive Leader, Markets Enforcement, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, pp 32–33.

[19]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 31.

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

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

[22]      Corporations Act 2001, ss. 674(2).

[23]      ASX, ASX Listing Rules—Continuous Disclosure: An Abridged Guide, p. 1, http://www.asx.com.au/documents/about/abridged-continuous-disclosure-guide-clean-copy.pdf (accessed 24 April 2013).

[24]      ASX, ASX Listing Rules—Continuous Disclosure: An Abridged Guide, p. 10.

[25]      ASX, ASX Listing Rules—Continuous Disclosure: An Abridged Guide, p. 6.

[26]      ASX, ASX Listing Rules—Continuous Disclosure: An Abridged Guide, p. 8.

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

[28]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 32.

[29]      Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 15.

[30]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 13.

[31]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 13.

[32]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 13.

[33]      Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 15.

[34]      Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 15.

[35]      Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 16.

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

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

[38]      Australian Securities and Investments Commission, Wickham Securities Limited, Sherwin Financial Planners Pty Limited and DIY Superannuation Pty Ltd, Advisory, http://www.asic.gov.au/asic/asic.nsf/byheadline/Wickham+Securities+Limited,+Sherwin+Financial+Planners+Pty+Limited+and+DIY+Superannuation+Pty+Limited?openDocument (accessed 9 May 2013).

[39]      ASIC v Sherwin Financial Planners Pty Ltd ACN 010 675 260 & Ors, QUD25/2013.

[40]      Australian Broadcasting Corporation (ABC), A betrayal of trust, Four Corners, 4 March 2013, http://www.abc.net.au/4corners/stories/2013/03/04/3700673.htm (accessed 9 May 2013).

[41]      Michael West, 'When Drake's empire came crumbling down', Sydney Morning Herald, 20 March 2013, http://www.smh.com.au/business/when-drakes-empire-came-crumbling-down-20130320-2geq9.html (accessed 9 May 2013).

[42]      Mr Greg Tanzer, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 21.

[43]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 19.

[44]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 19.

[45]      Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 20.

[46]      The Hon Bill Shorten MP, Minister for Superannuation and Financial Services, Roadmap to a sustainable future for finance companies, Media release 093, 22 December 2012, http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2012/093.htm&pageID=003&min=brs&Year=&DocType=0 (accessed 10 May 2013).

[47]      Australian Securities and Investments Commission, Attachment to media release13-024: ASIC consults on reforms to regulation of the debenture sector, 13 February 2013, http://www.asic.gov.au/asic/asic.nsf/byheadline/13-024MR+ASIC+consults+on+reforms+to+regulation+of+the+debenture+sector?openDocument (accessed 10 May 2013);                                                                                                   Australian Securities and Investments Commission, Debentures: Reforms to strengthen regulation, Consultation paper, no. 199, February 2013, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp199-published-13-February-2013.pdf/$file/cp199-published-13-February-2013.pdf (accessed 10 May 2013).

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

[49]      Australian Securities and Investments Commission, Debentures: Reforms to strengthen regulation, Consultation paper, no. 199, February 2013, p. 6.

[50]      Mr Greg Tanzer, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 23.

[51]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 23.

[52]      Australian Securities and Investments Commission, answer to question on notice, 15 March 2013 (received 10 May 2013).

[53]      Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, pp 24–25.

[54]      Mr Greg Tanzer, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 15 March 2013, p. 25.

[55]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 3 December 2012, p. 25.

[56]      Australian Securities and Investments Commission, Annual Forum, The New Normal, Program, p. 10.