Continuous Disclosure: An Abridged Guide ASIC slams down $1.2...

Continuous Disclosure: An Abridged Guide

ASIC slams down $1.2 million fine for breaching continuous disclosure laws

Making an example of wrongdoing: Penalty orders against ASX listed company and its director

In Australia each Director can receive up to $22,000 fine and 5 years in prison for failure of continuous disclosure. In the USA they can receive up to 20 years in prison. The most important deterrent for breach of continuous disclosure law is the prosecution of offenders.

ASIC should get serious to protect shareholders and Directors maximum penalties should be raised to $10M. I'm sure SH would be much better informed then.

The maximum fine here is ridiculous being only a tiny individual fine up to $22,000 but five years in prison is a deterrent. However ASIC must actually prosecute perpetrators.