Reforms to strengthen penalties for corporate and financial sector misconduct – Draft Legislation

In its submission, the AICD recognises that some penalties for corporate misconduct within ASIC-administered legislation do not represent an adequate deterrent for wrongdoing. For this reason, the AICD supports a number of the measures proposed by the government which will result in substantial increases in penalties for a variety of offences and contraventions in ASIC-administered legislation. The AICD also supports the expansion of the civil penalty regime, and the strengthening of s 184 of the Corporations Act. While significant reforms, the AICD supports them because they will strengthen ASIC and help to build community trust in the corporate sector.