ASIC has released an immunity policy for certain contraventions of the Corporations Act, which includes serious offences such as market manipulation, insider trading and dishonest conduct in the course of carrying on a financial services business.
Under the new policy, an individual who has engaged with others to manipulate the market, commit insider trading or engage in dishonest conduct when operating a financial services business (Part 7.10 of the Act) can, in certain circumstances, seek immunity from both civil penalty and criminal proceedings. Applications for immunity under ASIC’s policy are only available to individuals, not corporations.
The policy will assist ASIC in identifying and taking enforcement action against specific markets and financial services breaches of the law and strengthen ASIC’s enforcement toolkit.
ASIC is responsible for granting civil immunity, while the Commonwealth Director of Public Prosecution (CDPP) is responsible for granting criminal immunity. ASIC will work with and provide input to the CDPP on applications for criminal immunity.
An application for immunity can be made by:
- completing ASIC’s online form, or
- contacting the ASIC Immunity Policy Hotline on +612 9911 5008, or