ASX advises that civil proceedings were filed against ASX Limited by the Australian Securities and Investments Commission (ASIC) in the Federal Court of Australia on 13 August 2024. The proceedings concern certain statements made in February 2022 by ASX in relation to the previous CHESS replacement project.
The proceedings follow a broad ranging investigation by ASIC into suspected contraventions of the ASIC Act 2001 and the Corporations Act 2001 in relation to the previous CHESS replacement project, which was paused in November 2022.
ASIC alleges that ASX contravened certain sections of the ASIC Act 2001 relating to misleading or deceptive conduct, and false or misleading representations by making statements to the market on 10 February 2022 in relation to the previous CHESS replacement project. ASIC is seeking declarations, pecuniary penalties, an adverse publicity order and costs against ASX.
Helen Lofthouse, ASX Managing Director and CEO, said: “We recognise the significance and serious nature of these proceedings. We cooperated fully with ASIC’s investigation and are now carefully reviewing and considering the allegations.
“We play a critical role at the centre of Australia’s financial markets, and continue to focus on supporting and delivering for customers. We are committed to taking ASX forward, and have made strong progress as an organisation over the past two years.”
ASX will keep the market informed in accordance with its continuous disclosure obligations.
ASX will also be reporting its FY24 results on Friday 16 August 2024.
Source: ASX
