Australian Securities & Investments Commission (ASIC) Files Lawsuit Against Australian Securities Exchange (ASX) for Misleading Statements on IT Upgrading Project, No Reasonable Basis for ASX to Announce in 2022 February IT Project was on Track to Go Live in 2023 April & Progressing Well, Announced Delay on IT Project in 2022 March, Engaged Accenture to Review Project & Subsequently Paused Project with AUD 250 Million Write Down Costs, ASIC Fined ASX AUD 1.05 Million in 2024 March for Breaching Market Integrity Rules, ASX is Listed ASX with Current Market Value of $8.2 Billion
16th August | Hong Kong
The Australian Securities & Investments Commission (ASIC) has filed a lawsuit against Australian Securities Exchange (ASX) for misleading statements on ASX IT upgrading project, but has no reasonable basis for ASX to make the announcement in 2022 February on “the IT project was on track to go live in 2023 April & progressing well”. In 2022 March (6 weeks later), ASX announced delay on the IT project, and engaged Accenture to review the project and subsequently paused the project with AUD 250 million write down costs. ASIC will determine the fine for ASX at a later date. Separately in 2024 March, ASIC fined ASX AUD 1.05 million for breaching market integrity rules. ASX is listed Australia Securities Exchange (ASX) with current market value of $8.2 billion. Background – “Ensuring the ASX has complied, and is complying, with its legal obligations is critically important to maintaining confidence in the integrity of the market given the important role ASX plays in developing and issuing recommendations on the corporate governance practices to be adopted by listed companies and is responsible for the governance of critical national infrastructure. On 28 March 2022, approximately six weeks after making the statements, ASX announced that there was a strong likelihood of further delay to the go-live date of April 2023. Following that announcement, ASX engaged Accenture to undertake a review of the project. That review identified significant challenges with the solution design and its ability to meet the ASX’s requirements. Following the release of the Accenture Report, ASX decided to pause the project and wrote down costs of $250 million.”
“ Australian Securities & Investments Commission (ASIC) Files Lawsuit Against Australian Securities Exchange (ASX) for Misleading Statements on IT Upgrading Project, No Reasonable Basis for ASX to Announce in 2022 February IT Project was on Track to Go Live in 2023 April & Progressing Well, Announced Delay on IT Project in 2022 March, Engaged Accenture to Review Project & Subsequently Paused Project with AUD 250 Million Write Down Costs, ASIC Fined ASX AUD 1.05 Million in 2024 March for Breaching Market Integrity Rules, ASX is Listed ASX with Current Market Value of $8.2 Billion “
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ASIC Chair Joe Longo: ASX’s statements go to the heart of trust in the integrity of our markets. We believe this was a collective failure by the ASX Board and senior executives at the time. Companies and market participants rely on what the ASX says about its operations to make their own decisions and investments. We expect the ASX to be a place to list and invest with confidence.”
Australian Securities & Investments Commission (ASIC) Files Lawsuit Against Australian Securities Exchange (ASX) for Misleading Statements on IT Upgrading Project, No Reasonable Basis for ASX to Announce in 2022 February IT Project was on Track to Go Live in 2023 April & Progressing Well, Announced Delay on IT Project in 2022 March, Engaged Accenture to Review Project & Subsequently Paused Project with AUD 250 Million Write Down Costs, ASIC Fined ASX AUD 1.05 Million in 2024 March for Breaching Market Integrity Rules, ASX is Listed ASX with Current Market Value of $8.2 Billion
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