Detecting Fraud in Securities Markets (From Fraud Prevention and Control, P 1-7, 2000, Australian Institute of Criminology -- See NCJ-186569)

• NCJ Number: 186576
• Author(s): Keith Inman
• Date Published: January 2001
• Length: 7 pages
• Sale Source: Australian Institute of Criminology
• Publication Format: Document
• Publication Type: Program/Project Description
• Language: English
• Country: Australia
• Note: Paper presented at the Fraud Prevention and Control Conference convened by the Australian Institute of Criminology on August 24-25, 2000.

Annotation

This paper describes the activities and achievements of the Australian Securities and Investments Commission (ASIC) in its efforts to counter fraud in Australia's securities markets.

Abstract

ASIC is one of three Australian government bodies that regulate financial services; it is the single national regulator of Australia's 1.1 million companies. ASIC regulates advising, selling, and disclosure of financial products and services to consumers, so they have adequate information, are treated fairly, and have adequate avenues for redress. ASIC protects markets and consumers from manipulation, deception, and unfair practices. It is also the "watchdog" of corporations law, as it promotes honesty and fairness in securities and futures markets and in company affairs. ASIC is also a law enforcement agency with over 400 members of an investigative staff that undertakes both criminal and civil actions. ASIC has also been a major player in electronic commerce for several years, as it deals with several million electronic transactions a year as part of its public information services. This paper has sections that describe ASIC's response to electronic commerce, its enforcement capability in this area, and the intelligence and analysis conducted by its specialized Electronic Enforcement Unit; industry cooperation; international cooperation; media coverage of successes; and consumer education and resources.