Fels' ASIC broadside

Professor Allan Fels won't be making many friends at ASIC after these statements to the ABC and Channel 9. However, he is probably right.   While I specialise in the ACCC area, I do some work in Corporations Law space and it is fair to say that clients have nowhere near the same level of concern about ASIC enforcement action as they do about ACCC enforcement action.   I have found that clients genuinely fear the possibility of the ACCC taking enforcement action against them and particularly the media storm which inevitably follows. However, I think most clients consider ASIC enforcement action to be a remote possibility in all but the most egregious cases.   And even in the most egregious cases, many clients would like their chances of settling with ASIC through an enforceable undertaking rather than worrying about a litigated outcome.

http://www.abc.net.au/news/2018-08-09/former-accc-boss-alan-fels-slams-asic/10092864

https://www.9news.com.au/national/2018/08/09/08/44/strip-bank-watchdog-of-powers-economist