‘We will throw everything we have at this’: ASIC gears up for private credit legal action
Following its surveillance of the sector, which Capital Brief revealed included office searches, the corporate cop is almost ready to take action.
The corporate regulator ASIC has revealed it is preparing to take legal action against a private credit fund following several investigations into operators in the sector.
Speaking to Capital Brief, Australian Securities and Investments Commission (ASIC) commissioner Simone Constant said she “would be unsurprised to see some of those active investigations culminate in formal enforcement action, whether it’s compliance or court-based enforcement, and we’ll start to see that in some of the back part of the year”.
Earlier this year, Capital Brief revealed ASIC had ramped up its scrutiny of the sector as its enforcement team officials had been rifling through documents and accessing boxes of information at some private credit firms.
Constant said its impending enforcement action against private credit funds flowed from its intelligence and surveillance work from last year and surveillances that were already underway this year.
