Wags
Regular
Great effort @Fact Finder , even if it goes nowhere, 10 out of 10 to you.... (and the others on this site that callout the shortcomings {pun intended} of the systems.I exercised my democratic right to complain to ASIC about CitiCorp Nominees and the ASX and this is how it went:
This is the response I received and my reply. As you can see I am a little dismissive of ASIC in my reply.
In the complaint they ask you for permission to disclose your identity to the person you have complained about which not wanting to give them any excuse to ignore the complaint I did and in their reply they pat me on the head and say I will not hear anything further as they are bound to keep things secret from me as to what action they take.
What this is saying is we would not want the market to think less of CitiCorp Nominees just because we might make an adverse finding against them for breaching the law and their position in the market to be affected:
"Our reference: CAS-104477-L5P6S5
Dear Mr
CITICORP NOMINEES PTY LTD ACN 000 808 030
Thank you for your report of misconduct of 28 July 2022 raising concerns regarding disclosure of Citicorp Nominees Pty Ltd’s acquisition of shares in Brainchip Holdings Ltd.
ASIC values the information we receive from the public, and reports of misconduct such as yours assist us in working to build confidence in the integrity of the capital markets.
ASIC conducts an assessment of every report of misconduct we receive. The issues you have raised will receive careful consideration, and we have recorded them on our internal intelligence database.
In selecting matters for regulatory action, we consider a range of factors, including whether the misconduct report suggests any breaches of the law we administer, whether we have sufficient grounds to suspect that a breach has occurred, and whether regulatory intervention would benefit the broader community beyond the affected individuals.
Please see Information Sheet 152 Public comment which sets out the limited circumstances when we will comment publicly on our activities. These limitations are intended to protect the confidentiality of information reported to ASIC and the integrity of ASIC’s investigation and enforcement activities. For matters involving our market supervision, we are aware that any public comment may affect trading in the market, and we are committed to a fair, orderly, and transparent market.
Accordingly, ASIC does not comment on operational matters, or our assessment of information in relation to markets matters, and we are unable to provide further details about what, if any, action we may or may not take in relation to the concerns you have raised. We hope you can appreciate the reasons why we do not make such comment.
If you require any information on our role as a market supervisor, or enforcement action taken by ASIC, please visit ASIC’s website at www.asic.gov.au.
Please note that ASIC will only contact you again about your report of misconduct if we require further information or evidence to assist in our inquiries.
Yours sincerely
Kaitlyne GrahamAnalyst, Misconduct & Breach Reporting"
"Dear Kaitlyne Graham
Thank you for your email.
While I am not surprised by ASIC's approach to my complaint it does strike me as rather interesting as a retired lawyer and former police officer that despite reporting this matter firstly to the ASX and then to your office and with CitiCorp Nominees now appearing as the largest shareholder on a recently released ASX Brainchip Top 20 shareholders notice that it has still not been prevailed upon by anyone charged with legislative responsibility to file a notice under S.671 of the Corporations Act, 2001 despite the fact that it is a strict liability offence and impossible for a sophisticated corporate entity to defend.
Being just a retail shareholder and member of the public who depends upon the maintenance of a level playing field and a fair market I would have expected something a little bit more proactive from the market regulators. Obviously I was expecting far too much and it is beyond the systems ability to request that an organisation the size of CitiCorp Nominees immediately mitigate its offence and fill out a form and lodge it as required.
Kind regards"
As can be seen my complaint was actioned at ASIC in 28 July, 2022 and as expected CitiCorp Nominees has still to file a notice.
And for the record I have as promised by ASIC had no further communications.
What I should add is I first complained to the ASX and after a number of follow up enquires I received a letter saying that while there appeared to be a breach the ASX did not have the power to investigate and that if I wanted to take it further ASIC had the power to take action.
In my complaint to ASIC I also complained about the ASX for failing to bring the matter itself to the ASIC after agreeing in writing to me that there appeared to be a breach and leaving it to me. But this is another story.
Suffice to say having conducted investigations of corruption at the highest levels in my career I am disgusted.
The bottom line though is it is not ASIC or the ASX it is the Government that is responsible for this complete breach of faith with the Australian public.
However while ever former politicians from both sides of politics end up on Boards and/or as highly paid consultants to big business after they leave office nothing will happen.
My opinion only DYOR
FF
AKIDA BALLISTA
I look around and wonder, who the hell can you trust with this stock market gig. (answer, your own research and plan, and time)