Melbourne Cup of LIC's, page-7

I agree. The whole point of a regulator is to regulate. Investors should be able to take ASX announcements at face value, not have to work out whether they are true or false first before making an investment decisions. ASIC gives the false premise that they have the back of investors when company directors do the wrong thing. It is not until you go through something like this that you realise just how unregulated the markets really are and what happens when shareholders uncover fraud - nothing. That’s right, nothing. At worst, a director resigns and is replaced by another from the crew.

I wonder if a class action from a group of shareholder groups against ASIC for negligence would get off the ground?