QUESTIONS ON NOTICE › Australian Securities and Investments Commission (Question No. 2230)
Senator Cormann asked the Minister representing the Treasurer, upon notice, on 3 October 2012: With reference to the High Court of Australia decisions of 2 October 2012, in Forrest v Australian Securities and Investments Commission & Anor and Fortescue Metals Group Ltd v Australian Securities and Investments Commission & Anor: (1) What is the total cost to the Australian Securities and Investments Commission (ASIC) since the actions were initiated in the Federal Court of Australia. (2) Can a detailed breakdown of the costs in each case be provided, including those associated with external legal counsel. (3) Will the High Court decision impact on any other actions that are currently being undertaken or planned by ASIC; if so, how. (4) What has ASIC learned from the judgments, and will this knowledge impact on the manner in which ASIC deals with similar circumstances in the future; if so, how. (5) What comment will ASIC provide in regard to paragraphs 23, 24 and 25 of the judgment in Forrest v Australian Securities and Investments Commission & Anor.