big boys knew all along since 5 dollars, page-7

re: cmq - 50 to 75c valuation A few facts on the new way ASIC operates if anyone is interested in the below announcement (link) as a lot has recently changed as shown by the change in value of fines.

Anyone think that some of the staff or exstaff will be using the new whistleblower laws to help ASIC or themselves?

Dates of ASIC enquiries and documents issued against CMQ should be made public so we can see the timing of the exits.

CMQ have put up the standard defence notice as predicted and you can be pretty sure CMQ would have been advised there was high odds of some form of retrospective action and will be in deep discusions with insurers and legals for some time.

So with the timing of the nice little statement by Melrose was he already aware that ASIC were trying to settle this matter (as ASIC treats court action as a last resort) and yet he still released it.

Was that empty announcement count 8 and the straw that broke the ASIC camels back??



04-147 How ASIC will use infringement notices: a guide

Thursday 20 May 2004


The Australian Securities and Investments Commission (ASIC) today released a guide detailing how it will administer infringement notices, a new proposed remedy for breaches of continuous disclosure law.

The infringement notice remedy is contained in the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003 (CLERP 9) currently before the Commonwealth Parliament and due to be enacted on 1 July 2004.

ASIC's guide has been released in anticipation of the Bill being enacted in its current form and a revised guide will be issued if the infringement notice provisions change.

Under the proposed law, if ASIC has reasonable grounds to believe that the continuous disclosure provisions have been breached, it may issue an infringement notice that requires a monetary penalty to be paid.

'The proposed infringement notice process gives ASIC an additional remedy to address less serious breaches of the continuous disclosure laws in a timely and efficient way', said Ms Jan Redfern, ASIC's Executive Director, Enforcement.

'The use of infringement notices will potentially resolve issues more quickly and remove the need for expensive and lengthy court cases', she said.

The guide sets out the key features of the infringement notice process, including that:

infringement notices will be used for less serious contraventions of the continuous disclosure obligations
an ASIC delegate who has not been involved in the investigation will decide whether or not to issue a notice, and the company will be able to present information before the delegate makes a decision
the company can decide whether or not to comply with the notice
if the company complies, it is not an admission of liability. ASIC will publish details of the notice but cannot commence further proceedings against the entity in relation to the breach specified in the notice.
Companies that do not immediately disclose materially price-sensitive information to the market operator, so that it can be provided to investors, breach their continuous disclosure obligations under the Corporations Act.
The guide is available on the ASIC website at www.asic.gov.au/clerp9.

End of release