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Australia’s financial market regulator is worried about firms exploiting its weaknesses

In the local press here in Australia today, a piece on freedom of information requests blocked by ASIC

  • ASIC is the Australian Securities & Investments Commission (Australia’s corporate regulator)

ASIC has twice refused to release figures under Freedom of Information laws showing how it spends its annual budget between its internal teams (eg. markets supervision, wealth management, enforcement etc).

  • “There is a very real risk of prejudice to the effectiveness of ASIC’s internal management decisions in that an examination of the document would allow a person to exploit any weaknesses in order to avoid detection”
  • “If persons were aware of ASIC’s confidential internal methods and procedures of deploying resources, they would tailor their activities in ways that specifically take advantage of these resource allocations in order to evade scrutiny.”

ps. The piece describes those that would seek to take advantage as “rogue financial companies and traders”.

I always prefer it when they misspell this as rouge traders, but that could be just me 😀

Rogue Traders … a familiar riff:

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