Markets Disciplinary Panel

About the panel

The Markets Disciplinary Panel is the forum for disciplinary action against participant and market operators for alleged breaches of the market integrity rules. It is a peer review body, consisting of part-time members with relevant market or professional experience. The current members of the panel have, or have had, senior roles in broking firms and investment banks.

The panel has been established by ASIC to make decisions about whether to issue infringement notices or accept enforceable undertakings for alleged breaches of the market integrity rules. ASIC will decide which matters are referred to the panel.

What the panel does

For each matter, a three member sitting panel will be formed on the advice of the chairman of the panel. The person who is alleged to have breached the market integrity rules will be:

  • provided with a written statement that sets out ASIC’s reasons for believing that a breach has occurred

  • given the opportunity to appear at a private hearing before the sitting panel

The sitting panel will decide whether it has reasonable grounds to believe that the person has breached the market integrity rules and if so, whether to issue an infringement notice or accept an enforceable undertaking.

Infringement notices

An infringement notice may require a person to do one or more of the following:

  • pay a penalty (up to 60% of the maximum penalty that may be imposed by a court for a breach of the relevant rule)

  • undertake remedial measures (including education programs)

  • accept other sanctions (including public censure or disgorgement of profits)

  • enter into an enforceable undertaking.

Compliance with an infringement notice is not enforceable. If a person elects to comply:

  • no civil, criminal or administrative action may be taken against the person in relation to the relevant conduct

  • the person is not taken to have admitted liability or to have breached the relevant rules.

If a person does not comply with an infringement notice, ASIC may take civil (or civil penalty) proceedings for the alleged breach of the market integrity rules in the courts. The relevant conduct may also be a basis for civil proceedings or administrative action (for example, the imposition of a condition on an Australian financial services licence).

More about the infringement notice process

View the MDP Outcomes Register

Settlement of matters

The panel will also make decisions on proposed jointly agreed settlements for alleged breaches of the market integrity rules. It is open to those who are alleged to have breached those rules or who report their own possible breaches to ASIC, to seek to negotiate a settlement. Proposed settlements by way of entry into an enforceable undertaking or the issue of an infringement notice (which may include entry into such an undertaking) in negotiated terms, will be referred to a sitting panel for approval. The sitting panel will decide whether to accept the undertaking or issue the notice.

Panel members

Panel members are appointed by ASIC. The current members are as follows:

  • Mr Simon Gray, Chairman of the Markets Disciplinary Panel, Deputy CEO of Shaw and Partners, a lawyer with over 16 years experience with legal and compliance expertise in the industry including senior oversight of corporate finance. A member of the ASIC Market Supervision Advisory Panel and of the ASX Appeal Tribunal.
  • Ms Cilla Boreham, Deputy Chairman of the Markets Disciplinary Panel, Former Senior Legal Counsel and Head of Legal, Risk and Compliance of JBWere Pty Ltd, with over 15 years experience in the industry, with a background in financial services licensing and regulation, stockbroking, compliance and risk management.

  • Mr Richard Brasher, Dealer, Northcape Capital Ltd. Former Associate Director at RBS Equities Australia, over 27 years experience in the industry, specialising in equity derivative strategies. Former member of the ASX Disciplinary Tribunal.

  • Mr Ian Chambers, Head of Institutional Equities & Wealth Management Australia, Morgan Stanley Australia, 30 years in the industry with a strong background in equities and derivatives. Former member of the ASX Disciplinary Tribunal.

  • Mr Leigh Conder, Director, Commonwealth Securities Limited, Director, AUSIEX Ltd and Director, CBA Equities Limited, former General Manager, Corporate Banking Solutions, General Manager, Financial Markets Operations and Equities and Margin Lending  Operations, Commonwealth Bank Limited and former member of the ASX Disciplinary Tribunal, with over 25 years experience in the industry with a strong background in operations.

  • Mr Geoffrey Louw, Former head of Futures and Forex, Bell Potter Securities Limited, 18 years in the industry with particular expertise in the futures market. Former member of the ASX Disciplinary Tribunal.

  • Mr Michael Manford, Executive Chairman and Chief Executive Officer, Patersons Securities, Executive Chairman and CEO of a full service stockbroking firm with 32 years in the industry. Former member of the ASX Disciplinary Tribunal.

  • Mr Russell McKimm, Client Adviser, Patersons Securities, 34 years in the industry, managing broker-client relationships and providing financial advice. Former member of the ASX Disciplinary Tribunal.

  • Ms Sadie Powers, Former Head DTR - Equities, Patersons Securities, having over 17 years experience in the industry, with an extensive background in equities trading and regulatory compliance.

  • Mr Pete Robson, Director, ITG Australia, with over 30 years experience in the industry predominately in equity and derivatives trading, including as a past governor of the ASX Dispute Governors' Committee and testing Governor for the ASX from 1991 to 2007. Head of Trading, ITG Australia, 2010-2017.

  • Mr John Steinthal, Consultant Financial Advisor. Former Managing Director, Head of Australia Equities, Moelis & Company, Australia, with 20 years experience in the industry, with an extensive background in equities and derivative trading, risk and compliance.

  • Ms Victoria Weekes, Director, ANZ Share Investing Limited; Director, ACN 003 042 082 Limited (formerly ETRADE Australia nLimited), Director,  One Path Custodians Pty Limited; Director, One Path custodians Pty Limited; Director, Director, Oasis Funds Management Limited, Vice President and Director,  Financial Services Institute of Australasia and Finsia Education, Director, SGCH Portfolio Limited; Director, SGCH Sustainability Limited, Risk Consultant, Director, Sydney Local Health District,  and Company Director, Risk Compliance Solutions Pty Ltd.

  • Mr Mark Pugsley, Chief Financial Officer and Company Secretary, Resource Development Group Ltd; Board Member Wanslea Financial Services (inc.); Director RBS Morgans Foundation Ltd (part time), former Finance and Compliance Director, RBS Morgans Limited Group, with extensive experience of more than 29 years in the stockbroking and financial services industry, specialising in Finance, Corporate Governance, Compliance and Regulation. An Associate of the Chartered Accountants Australia and New Zealand, and Graduate of the Australian Institute of Company Directors.

  • Ms Anne Brown, Consultant and Non-Executive Director of the Clean Energy Regulator. Former Group Executive & Chief Risk Officer of the Australian Securities Exchange Ltd, having 20 years experience in Australian and international exchange-traded financial markets and related infrastructure with a background in risk management; Compliance; Audit & Governance and related regulatory and industry associations.

  • Mr Andrew Tanner, Former Managing Director of Australian Equities at Goldman Sachs Australia, having over 18 years experience in the industry including 5 years in New York, specialising in equity sales and trading.

  • Ms Jane Lamming, Chief Compliance Officer and General Counsel at Ausbil Investment Management Limited, former Head of Compliance and Director CIMB Corporate Finance (Australia) Ltd and Head of Compliance, Director, Citigroup Pty Limited, with over 15 years experience in the industry, with a background in law, financial services regulation, compliance and risk management.

  • Mr Anthony Brittain, Chief Operating Officer and Financial Officer, Euroz Limited, a financial services professional with over 20 years broad experience cross the securities and managed investments industry, with a background in finance and investments as well as compliance and operations.

Counsel to the panel

The panel is assisted in carrying out its functions by lawyers appointed by ASIC. These lawyers are operationally separated from the ASIC teams that are responsible for investigating possible breaches of the market integrity rules and presenting matters to sitting panels for determination.

More information

More information about the operation of the panel is set out in Regulatory Guide 216 Markets Disciplinary Panel (RG 216) and Regulatory Guide 225 Markets Disciplinary Panel practices and procedures (RG 225)

See also:

Media release about Markets Disciplinary Panel practices and procedures, 11-105MR, 25 May 2011

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Last updated: 15/07/2013 12:00