The last two decades have seen an increasing number of jurisdictions adopting the ‘twin peaks' model of financial regulation. Since it was pioneered in Australia, the model has been adopted by the Netherlands, Belgium, New Zealand and the United Kingdom. South Africa is currently in the...

The U.S. Securities and Exchange Commission (SEC) often describes enforcement as its number one priority – however, limited empirical work has been undertaken studying SEC enforcement. This article presents the results of an empirical study of sanctions imposed for insider trading and market...

The Australian Securities and Investments Commission (ASIC) has been responsible for the supervision of Australia's licensed financial markets, such as the Australian Securities Exchange, since August 2010. As part of this responsibility, ASIC has developed market integrity rules (MIRs) with...

Market manipulation, generally considered to be a serious form of misconduct, has been a significant focus of regulators, the media and others in Australia and internationally, with widespread allegations of market manipulation, not just relating to securities, but in relation to interest rates,...

The Australian Securities and Investments Commission (ASIC) has emphasised the importance of its enforcement role in relation to auditors and liquidators. However, there is little detailed analysis of what enforcement action ASIC has undertaken against auditors and liquidators. Using several...

An important debate concerns the meaning of the duty imposed on company directors to act in the best interests of the company. Are shareholders' interests paramount when directors act in accordance with this duty? To what extent can the interests of stakeholders other than shareholders be...

This paper examines the corporate governance implications of securities loans, in particular the impact of securities loans on shareholders' voting rights and the control of listed Australian companies. The paper considers whether the current regulatory framework for securities loans in...

This empirical study applies the authors' model of enforcement intensity to quantify the severity of sanctions imposed on defendants for market manipulation and insider trading in Australia, Canada (Ontario), Hong Kong, Singapore, and the United Kingdom, providing comparative measures of the...