Regulators

A judge has hit ASX Limited with a $20.5 million penalty after it admitted that a February 2022 statement to the market that its CHESS replacement project was “progressing well” was misleading. 

ASIC may reconsider its approach to claims against non-executive directors after failing to prove that three NEDs of Rex had actual knowledge that the failed budget airline did not have a reasonable basis for a rosy profit forecast, experts told Lawyerly. 

Pauls Milk producer Lactalis has copped a penalty after the consumer regulator issued infringement notices for alleged misleading representations about the freshness of two of its products.

ASX Limited has told a judge it did not intend to mislead shareholders when it told the market that its CHESS replacement project was “progressing well” and that a $20.5 million penalty was sufficient to achieve deterrence.

A Treasury report has suggested splitting audit functions off from multidisciplinary professional services firms, following whistleblower claims that KPMG leaked confidential client information.

Coles Group's proposed acquisition of a leasehold interest in a Kalgoorlie supermarket and liquor store site would substantially lessen competition in the retail supply of groceries in the region, the competition cop says.

The competition regulator has opposed Coles Group's proposed acquisition of a leasehold interest in a Kalgoorlie supermarket and liquor store site, finding it would substantially lessen competition in the retail supply of groceries in the region.

A judge has found that ASIC's case against WA gold mining company Wiluna over alleged omissions in a 2022 ASX announcement should await the determination of related cases against two executives, citing the risk of inconsistent findings. 

In a new report, ASIC warns Australia risks losing ground to overseas competitors unless it provides more clarity on technologies like tokenised assets and AI, which the regulator said could shake up longstanding assumptions about intent and misconduct.

The ACCC has opened a phase 2 review of calibration and asset management services provider Trescal's proposed acquisition of TechRentals Calibration & Sales after identifying potential risks to competition.