ASIC CHAIRMAN DISCUSSES THE REGULATOR’S ROLE IN BRIBERY AND CORRUPTION INVESTIGATIONS

The Australian Securities and Investment Commission (ASIC) Chairman, Greg Medcraft, has given a speech on the ASIC, bribery and enforcement action. Mr Medcraft commented that the regulator does not have the legislative jurisdiction to investigate foreign bribery, and pointed out that the responsibility for bribery and corruption investigations lies with the Australian Federal Police (AFP). However, the ASIC will assist the AFP and, where a company is involved in bribery, its directors may be liable for breaches of duties under the Corporations Act. An ASIC inquiry into a breach of director’s duties will typically follow a criminal investigation by the AFP.