ASX loses bid for privileged ASIC documents in CHESS case

The news: The Federal Court has denied a bid by the ASX to obtain 12 legally privileged documents relating to the Australian Securities and Investments Commission’s (ASIC's) prosecution of the exchange over its failed CHESS replacement program.

The context: The ASX challenged the corporate regulator's claim of legal privilege over witness statements given by Yuval Rooz and file notes related to his voluntary interview. Rooz is the CEO of Digital Asset which was contracted by the ASX to build its CHESS replacement program until that program of work fell over in 2022 leading to a $250 million writedown. ASIC is now suing the exchange, alleging it made false or misleading claims.

Justice Brigitte Sandra Markovic dismissed the ASX's claim on Tuesday.

What they said: "ASX has not succeeded in challenging ASIC’s claim for legal professional privilege in the File Notes or in establishing that ASIC has waived its legal professional privilege over the File Notes or the Rooz Statements. It follows that ASX’s interlocutory application filed on 7 March 2025 should be dismissed,” Markovic wrote in her orders.
“As ASX has been unsuccessful, it should pay ASIC’s costs of that application.”