Ann: Becoming a substantial holder, page-20

Comments on our Beloved Asic.

John Winter, chief executive of the Australian Restructuring Insolvency and Turnaround Association, said his members were frustrated by what appeared to be a lack of interest from the watchdog.

Of the 3800 reports, ASIC responded to just under 600 seeking more information, while just 118 resulted in formal referrals for suspected offences.

“Our critique of [ASIC] is simply there isn’t the appetite at our corporate regulator to take on the poor behaviour we see as endemic on the market,” Winter told a Senate inquiry looking into the Australian Securities and Investments Commission.

“[It] is a constant source of frustration for our members because they do see as what they regard as significant concerns that absolutely just go into a black hole.”