Latest news with #Inquiry
Business Times
5 days ago
- Business
- Business Times
Australia's ASIC initiates probe into bourse operator ASX
AUSTRALIA'S securities regulator said on Monday that it has launched an investigation into Australian bourse operator ASX's governance, capability and risk management practices. The inquiry would be led by an expert panel that will make recommendations to address any identified shortcomings or deficiencies, the Australian Securities and Investments Commission said in its statement. The regulator added that they would publish the outcome of the probe, including the next steps warranted. 'ASIC's decision to initiate an Inquiry follows repeated and serious failures at ASX,' said ASIC Chair Joe Longo. 'The Inquiry provides an opportunity for ASX to bolster market trust,' Longo said. In a seperate statement, ASX said it had acknowledged the ASIC initiating a probe into the firm. 'We have been working hard on a transformation we acknowledge there have been incidents that have damaged trust in ASX,' ASX Chairman David Clarke said. The exchange operator has come under fire for problems with its clearing and settlement platform CHESS, which broke down in December. ASIC took ASX to court last year alleging it had made misleading statements related to its CHESS replacement project in 2022. ASX had been looking to replace the CHESS software using blockchain-based technology but abandoned the overhaul in November 2022, six years after it was announced, citing concerns about the product's complexity and scalability. REUTERS
West Australian
5 days ago
- Business
- West Australian
ASIC launches investigation into ASX after ‘repeated and serious failures' in trading infrastructure
The corporate watchdog ASIC has launched an investigation into the Australian Securities Exchange following 'repeated and serious failures' in maintaining the infrastructure critical to equities trading. The inquiry will examine a series of technology failures at the ASX, primarily related to its troubled upgrade of the CHESS settlement system, which manages the settlement of share transactions and records shareholdings. ASIC and the Reserve Bank voiced deep concerns in December 2024 when the CHESS system failed to complete a settlement run. 'ASIC's decision to initiate an inquiry follows repeated and serious failures at ASX,' chair Joe Longo said. 'ASX is ubiquitous — you simply cannot buy and settle on Australia's public equities and futures markets without relying on ASX and its systems. 'The inquiry provides an opportunity for ASX to bolster market trust.' ASIC will convene an expert panel to review the ASX Group's organisational structure, board governance, risk and compliance frameworks, financial objectives, and its mix of monopoly and competitive services. The panel will also examine how the organisation identifies and responds to concerns raised by staff, regulators and market participants. The panel, which would include representatives of the RBA, APRA and the ACCC, will consider whether current reform initiatives underway at the ASX are adequate and, if not, recommend remedial actions. A final report will be delivered to ASIC at a date to be agreed. ASX Chairman David Clarke said the firm acknowledged the seriousness of the action, and would give the inquiry its full cooperation. 'We have been working hard on a transformation strategy with several of the initiatives designed to strengthen culture and capabilities, operational risk management, business resilience and technology resilience, but we acknowledge there have been incidents that have damaged trust in ASX,' he said. 'We welcome the opportunity for independent parties to review the work underway and advise on what more we can do.' The ASX is midway through a five-year technology modernisation program that includes maintaining the existing CHESS platform, introduced in 1994, while building a blockchain-based replacement. The initial attempt to upgrade CHESS was plagued by delays and problems, resulting in pre-tax write downs of $250 million about three years ago. The project was ultimately scrapped in late 2022, shortly after Helen Lofthouse became ASX chief executive. The failure to implement a new system had put the ASX in the sights of a class action suit that would target former ASX executives, management and potentially board members, according to a recent repor t in the Australian Financial Review. ASIC will discontinue its separate investigation into the 20 December 2024 CHESS batch settlement failure, with the incident instead to be considered as part of the broader Inquiry, alongside a series of other failures dating back to 2016, including a hardware fault that delayed the market opening and forced an early closure that year. Other issues included capacity constraints during the COVID-19 volatility in March 2020, a full-day outage caused by a failed software upgrade in November 2020, and the abandonment of the original CHESS replacement project in 2022, which is now the subject of legal proceedings. Meanwhile, ASX has announced the departure of Group Executive Listings Blair Beaton, who leaves following an extended period of personal leave. Mr Beaton, who joined the exchange in 2017 as Chief Strategy Officer and became head of Listings in August 2022, was praised by CEO Helen Lofthouse for his 'dedication, diligence and enthusiasm' and his advocacy for ASX as the nation's premier listings venue. More to come...
Irish Post
6 days ago
- Politics
- Irish Post
Pat Finucane's widow welcomes appointment of former Court of Appeals judge to chair inquiry into husband's murder
THE WIDOW of murdered solicitor Pat Finucane has welcomed the appointment of a former Court of Appeals judge to chair an inquiry into her husband's death. Mr Finucane was shot dead by loyalist paramilitary group the UDA in front of his wife and three children at his Belfast home in February 1989. Despite evidence of state collusion in Mr Finucane's murder, the British Government failed to fulfil a 2004 recommendation by Judge Peter Cory to hold an inquiry into the case. However, Last September, the Statement by the Secretary of State for Northern Ireland, Hilary Benn, announced plans to finally hold an inquiry. On Friday, Mr Benn revealed that solicitor Sir Gary Hickinbottom, the current President of the Welsh Tribunals, would chair the inquiry. 'Long-overdue development' In a statement through Finucane Toner Solicitors, Geraldine Finucane welcomed the news, having had to 'fight tirelessly' for the truth over the 36 years since her husband's murder. "The appointment of Sir Gary Hickinbottom is a welcome and long-overdue development," she said. "It has been more than nine months since the British Government confirmed that an inquiry would take place and over 36 years since Pat was murdered. "Throughout those years, my family has had to fight tirelessly to uncover the truth. "We can now look forward to engaging with the chair and his inquiry team so that this process can finally begin. "It is our hope that the inquiry will be permitted to carry out its work with full independence and with all of the powers, resources and support necessary to answer the serious and longstanding questions surround Pat's murder." Secretary of State for Northern Ireland, Hilary Benn (Image: Leah Farrell / The inquiry will be established under the Inquiries Act 2005, with full powers, including the power to compel the production of documents and to summon witnesses to give evidence on oath. Mr Benn has also confirmed the appointment of Baroness Nuala O'Loan and Francesca Del Mese as Assessors to the inquiry. "The murder of Mr Finucane was a barbarous and heinous crime and one which continues to highlight the legacy of the Troubles in Northern Ireland," added the Secretary of State. "I commend and support the tireless campaign of Mrs Finucane and her family in seeking answers to the brutal murder of their loved one and I am confident that this inquiry will provide answers to the family who have suffered so terribly. "I am delighted that Sir Gary Hickinbottom has accepted this important role as Chair of the Patrick Finucane Inquiry and that Baroness O'Loan and Francesca Del Mese have accepted the important roles of assessors to the Inquiry. "I am confident that, together, their valuable knowledge, experience and professionalism will be of great benefit to the work of the Inquiry." 'Important and substantive work' Tánaiste Simon Harris also welcomed the news. "This is the final outstanding inquiry from those that were recommended by Judge Cory in 2004, and it is positive that it can now move to beginning its important and substantive work," he said. "Today's announcement highlights the importance that a way forward is found to comprehensively address all the outstanding cases of the Troubles, in a way that is human rights compliant and that has the needs of victims and families at its heart. "I continue to engage closely with the Secretary of State for Northern Ireland with this objective." See More: Geraldine Finucane, Hilary Benn, Pat Finucane
ABC News
7 days ago
- Politics
- ABC News
WA launches parliamentary inquiry into e-scooters following death of Thanh Phan in Perth's CBD
The WA government will establish a new parliamentary inquiry into the safety of e-rideables, sparked by the death of a Perth father in an e-scooter crash last month. A parliamentary committee will be tasked with finding ways to make e-bikes and e-scooters safer and consider tougher penalties for illegal behaviour. The inquiry will analyse data around injuries, accidents and trends of use to develop appropriate restrictions, such as curfews and footpath bans in areas of high pedestrian use. Road Safety and Police Minister Reece Whitby said the inquiry would also explore how technology could be used to make e-rideables safer. "[The inquiry] will look at how they can be geo-fenced to not operate in certain congested areas, how they might be limited to speed or limited to areas where they can be used," Mr Whitby said. Data comparing privately owned e-rideable devices with hireable devices will also be analysed to inform updated regulations. The state government also wants the committee to look at how the federal government can intervene and limit non-compliant devices being imported into Australia. Mr Whitby said he would like an investigation into "the Commonwealth's responsibility and role in allowing the importation of e-rideables that quite frankly travel too fast and are too powerful and should be treated as vehicles and not e-rideables". "We've had four fatalities involving e-rideables since the start of the year and of course every death is tragic," he said. Mr Whitby said the family of Perth man Thanh Phan were calling for a review after he was struck by an e-scooter and killed last month. "Mr Phan was the first pedestrian to die as a result of an incident involving e-rideables," Mr Whitby said. "His family are grief-stricken obviously, but have requested a review of the way e-rideables are used and the safety issues around them." The City of Perth announced it would suspend the hiring of e-scooters following Mr Phan's death. Mr Whitby will move a motion to establish the inquiry in parliament next week and said a report on the findings would be presented by the end of September. In the meantime, WA Police has been asked to continue its enforcement blitz of e-rideable safety in the community and in particularly dense pedestrian areas. More than 20 fines were issued by police last week after interactions with 72 e-rideable users, with four e-rideables impounded. The Road Safety Commission has also been asked to educate the public on the safe and legal use of e-rideables in the community.
Leader Live
10-06-2025
- Health
- Leader Live
Psychological support system opens to infected blood victims
The nationwide service began a phased rollout in September, and is now open to people infected and affected across the country. The Infected Blood Psychological Service will include talking therapies; peer support and psychosocial support, NHS England said. More than 30,000 people in the UK were infected with HIV and hepatitis C after they were given contaminated blood and blood products between the 1970s and early 1990s. And more than 3,000 people have died as a result, while survivors are living with lifelong health implications. The new service is open to victims of the scandal as well as bereaved partners, parents, children and their extended families. People can self refer by phone or can be referred to the service by their GP. Officials said that a specialist therapist will help create tailored mental health plans for those in need of support. The Infected Blood Inquiry Report is now published on the Inquiry website. Access the Report here: — Infected Blood Inquiry (@bloodinquiry) May 20, 2024 Claire Murdoch, national mental health director at NHS England, said: 'The contaminated blood scandal and the subsequent long fight for answers have had life-altering physical and psychological impacts for thousands across the country and the NHS is determined to ensure that anyone infected or affected can receive evidence-based support and treatment. 'It has been so important that the Infected Blood Psychological Service has been co-designed with members of the infected blood community to ensure the best and most personalised care possible, and we are very grateful to all our partners who have helped establish these vital new services.' Nicola Leahey, from Lancashire, was infected with Hepatitis C following blood transfusions in 1975 and/or 1980, and was part of the expert advisory group to the new service. 'After my diagnosis, I felt that my body had been violated, that I had been physically and mentally abused, stripped of my dignity, my self-esteem diminished, I mourned lost opportunities, I felt betrayed,' she said. 'So many of us have long awaited the opportunity to have professional support to try to cope with the trauma and life-long effects that we've been subjected to. 'I'm thrilled that this much-needed service is now operational for both those infected and affected members of the infected blood community across England.' Professor Meghana Pandit, co-national medical director for secondary care at NHS England, added: 'Following the recommendations of the Inquiry, this new service represents a vital step in ensuring patients and families affected in England can be offered tailored psychological treatment and support, and we are pleased that specialist clinics are now open in all areas of England. 'This bespoke psychological treatment is already making a difference to the lives of the first people to access it, and we now want to ensure everyone eligible is aware of the services provided.'
