ASX confirms it is under ASIC investigation

The Australian Securities Exchange (ASX) has announced that its CHESS replacement program is being investigated by the Australian Securities and Investment Commission (ASIC).

In an announcement released on the exchange this morning, the ASX said ASIC had confirmed to the ASX “that it has commenced an investigated into suspected contraventions of the ASIC Act 2001 and the Corporations Act 2001 in relation to the CHESS replacement program.

“ASIC will be investigating whether ASX Limited, ASX Clear Pty Ltd, ASX Settlement Pty Ltd and/or their directors and officers have breached obligations under section 180, 674, 674A, 1014H and 1308 of the Corporations Act 2001 and Sections 12 DA and 12 DB of the ASIC Act 2001, during the period 28 October 2020 to 28 March 2022, in relation to oversight of the program, and statements and disclosures made by or on behalf of ASX as to the status of the program.”

“ASX takes its obligations very seriously and will cooperate fully with ASIC,” the announcement said.