Good afternoon,
I may be overlooking something and if I am, please point it out.
As I see it, ASIC are a member of IOSCO and Australia has been a signatory to the Multilateral Memo of Understanding for nearly 20 years not long after it kicked off. That gives ASIC very broad investigative powers internationally as part of a coordinated global network for exhnaging information for the purposes of regulatory enforcement regarding security markets in the member states. Visa Singapore/Europe/Australia, etc., fall under the Visa Inc umbrella and are 100% wholly owned subsidiaries.
ASIC have made an inquiry either specifically or globally as they're entitled to under the MMoU and the call has been answered by Visa Euro with materials sought being made available via Visa Australia. Data has then gone from ASIC to ASX pursuant to Section 127 ASIC Act. So far, so good.
There's then a suggestion that there has been what's described as a transfer of partial data from ASX to another party. I guess the questions are, who is that party, when, and, most importantly, can that be substantiated? If anyone can point me to something I'd be grateful.
Is a simple answer that ASIC made a request on Visa Inc as the global body and that they have coordinated with Visa Australia to supply the information requested as per the terms and obligations of the MMoU? Alternatively, ASIC have made the request of Visa Europe and the same result is reached by the same reason.
I don't think any confidentiality deeds and non-disclosure agreements will stack up against the far-reaching powers that ASIC have under IOSCO though. If you think ASIC have wide powers under our domestic legislation, have a look at what the MMoU permits. Here's a little something from paragraph 7. It's well worth a read.
7. Scope of Assistance
(a) The Authorities will, within the framework of this Memorandum of Understanding, provide each other with the fullest assistance permissible to secure compliance with the respective Laws and Regulations of the Authorities.
(b) The assistance available under this Memorandum of Understanding includes, without limitation:
(i) providing information and documents held in the files of the Requested Authority regarding the matters set forth in the request for assistance;
(ii) obtaining information and documents regarding the matters set forth in the request for assistance, including:
• contemporaneous records sufficient to reconstruct all securities and derivatives transactions, including records of all funds and assets transferred into and out of bank and brokerage accounts relating to these transactions;
• records that identify: the beneficial owner and controller, and for each transaction, the account holder; the amount purchased or sold; the time of the transaction; the price of the transaction; and the individual and the bank or broker and brokerage house that handled the transaction; and
• information identifying persons who beneficially own or control non-natural Persons organized in the jurisdiction of the Requested Authority.
(iii) In accordance with Paragraph 9(d), taking or compelling a Person’s statement, or, where permissible, testimony under oath, regarding the matters set forth in the request for assistance.
(c) Assistance will not be denied based on the fact that the type of conduct under investigation would not be a violation of the Laws and Regulations of the Requested Authority.
Something to consider.
Cheers.
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