ASIC bolsters ancillary powers in wake of COVID-19 slow down

The key upshot with the new powers is greater flexibility for ASIC to search, seize and use evidentiary materials during its investigations. While the current coronavirus (COVID-19) situation has seen a drop in the regulator’s visible enforcement activity, ASIC’s new legal provisions will enable wire taps and search warrants to listen in and act on criminal activity at a time when the corporate world is grappling with economic challenges.

The insight piece, Wire taps and search warrants: ASIC's new powers can be viewed here.

Partner Ian Bolster, commented:

“With the COVID-19 situation presenting an unprecedented challenge for so many businesses, we reflect on the new powers enabling law enforcement to intercept communications that would assist in the investigation and prosecution of a serious offence. ASIC’s old powers were mostly limited to search and seizure of hard copy documents, but the modern era will see greater ancillary powers for accessing and intercepting electronic materials and make recordings during the execution of a warrant for an indictable offence. And while the new powers are only enlivened when ASIC is investigating a serious criminal offence, once ASIC has the material it can use it in any proceedings – not just criminal.  This makes the powers much more attractive for ASIC to use.”

For further information relating to ASIC’s sharpening its focus on prosecuting serious corporate crimes or to speak with Ian Bolster and the Ashurst team, please contact us. For past legal updates in relation to ASIC's penalties please click here.