ASIC announces renewed focus on insider trading
On 21 August 2013, ASIC released its half yearly market supervision report. Following an increase in suspect share trades during the January 2013 – June 2013 period, ASIC stated in the report that it will continue to dedicate ‘significant resources’ to fighting insider trading. The report also indicated that the regulator was scrutinising and taking steps to regulate the activities of high-frequency traders in a bid to maintain market integrity. More generally, ASIC noted that it would continue to use a facilitative approach to the implementation of market reforms, such as the Future of Financial Advice reforms. ASIC also signalled that once market participants have had the opportunity to familiarise themselves with their new obligations, it would switch to a more enforcement-oriented approach to breaches of the law.