The Australian Securities and Investments Commission’s New Immunity Policy: An Evaluation

Australian Journal of Corporate Law, Vol. 37, No. 1, 2021, pp. 1-28

25 Pages Posted: 30 Jan 2022

See all articles by Ian Ramsay

Ian Ramsay

Melbourne Law School - University of Melbourne

Mihika Upadhyaya

Melbourne Law School, University of Melbourne

Date Written: June 4, 2021

Abstract

In February 2021, the Australian Securities and Investments Commission (‘ASIC’) launched an immunity policy for market misconduct offences. The immunity policy is likely the first to be introduced outside the anti-cartel enforcement context. This article considers the available literature on immunity policies and discuss what lessons may follow for ASIC’s immunity policy. It outlines the ASIC Immunity Policy, including the eligibility criteria for immunity and the application process; considers the advantages and disadvantages of immunity policies identified in the literature on immunity policies; discusses the available empirical data on the effectiveness of the cartel immunity policies of Australia, the United States, the European Union and Korea; and highlights some of the potential issues in the design of the ASIC Immunity Policy. It concludes that it is highly uncertain that the ASIC Immunity Policy will work effectively to enhance the detection and deterrence of market misconduct.

Keywords: immunity policies; corporate and securities law enforcement; Australian Securities and Investments Commssion

Suggested Citation

Ramsay, Ian and Upadhyaya, Mihika, The Australian Securities and Investments Commission’s New Immunity Policy: An Evaluation (June 4, 2021). Australian Journal of Corporate Law, Vol. 37, No. 1, 2021, pp. 1-28, Available at SSRN: https://ssrn.com/abstract=3982989 or http://dx.doi.org/10.2139/ssrn.3982989

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

Mihika Upadhyaya

Melbourne Law School, University of Melbourne

185 Pelham Street
Melbourne, VIC 3010
Australia
3010 (Fax)

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