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Finance Broking Australia-regulatory guide 225

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Regulatory Guide 225 - Markets Disciplinary Panel practices and procedures CPD

This guide is for people and their advisers who may find themselves involved with the Markets Disciplinary Panel (MDP).

It sets out the principles, processes and procedures the MDP follows when conducting proceedings for alleged breaches of ASIC market integrity rules.

The ASIC market integrity rules are required to be complied with by market operators and participants in licensed markets.

A breach of the market integrity rules may be dealt with by ASIC on an administrative basis instead of civil proceedings, by issuing an infringement notice and accepting enforceable undertakings.

The Markets Disciplinary Panel (MDP) is a peer review body established by ASIC to independently make decisions on issuing infringement notices and accepting enforceable undertakings.

An MDP hearing is an administrative hearing conducted in accordance with the relevant provisions of the Australian Securities and Investments Commission Act 2001 (ASIC Act) and Regulatory Guide 8 Hearings practice manual (RG 8).

MDP proceedings are initiated either by the ASIC Deterrence team serving a statement of reasons, to which the Recipient can make a reply, or by way of a joint request by the parties for the MDP to approve a negotiated settlement.

Once MDP proceedings are initiated, general MDP procedures will be applied; for example:
•   Convening the sitting panel;
•   Determining any conflicts of interest;
•   Serving a notice of hearing;
•   Handling communication between the MDP and parties; and
•   Making and communicating a decision.

A Recipient of a statement of reasons from the ASIC Deterrence team has a number of options they may elect to pursue in deciding how to proceed with the matter. These options are:
•   Negotiating a settlement (RG 225.53–RG 225.64);
•   Determining the matter on the papers (RG 225.65–RG 225.71); and
•   An oral hearing (RG 225.72–RG 225.110).

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