The Senate inquiry into ASIC has come up with the finding 'its...

The Senate inquiry into ASIC has come up with the finding 'its not fit for purpose' and 'it is clear it has failed. Something we've all known for years I suspect. ASIC's performance-or rather lack of it-is especially egregious, because in 2013 the High Court brought down a ruling that:-“.. unanimously held that buying or selling shares on the securities exchange operated by ASX Limited, for the sole or dominant purpose of creating or maintaining a particular price, created or maintained an "artificial price" for those shares for the purposes of the offence of market manipulation under section 1041A of the Corporations Act 2001," the High Court said in its judgment summary.
Now, the Act clearly states market manipulation is a criminal offence.' Well, from my point of view, due to ASIC's inability or reluctance to take action [just '1 per cent of all misconduct reports were investigated] and the ASX not doing anything either-it obviously makes money from these practices-shareholders who've suffered losses as a result of this lack of control and enforcement by ASIC and ASX, should be able to mount a class action against those two bodies.
But what action is going to be taken by the government? Because, quote:- ''Without significant improvements to ASIC's enforcement approach, the harm to Australians from corporate misconduct can be expected to continue.."
From my observation of share movements leading up to the merger of GSR and HRZ, it is abundantly clear manipulation was in full force. As it has been in another stock I hold EDE which has developed an additive making concrete stronger and less CO2 producing. It has copped it for years. I've no doubt many posters here could produce many more examples. Personally, I won't be convinced the government is serious about proper market regulation until I see a number of directors in this area of the market, sent to jail.

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