Truck Loans Australia :: News
SHARE

Share this news item!

ASIC Takes Legal Action Against ASX Over CHESS System Delay

ASIC Takes Legal Action Against ASX Over CHESS System Delay

ASIC Takes Legal Action Against ASX Over CHESS System Delay?w=400
The corporate regulator has taken legal measures against ASX due to alleged misleading statements regarding the progress of its failed attempt to replace the Clearing House Electronic Subregister System (CHESS).

On February 10, 2022, ASX had publicized that the CHESS replacement was “on track for go-live” by April 2023. However, subsequent developments painted a different picture, prompting sharp criticism and legal actions from the Australian Securities and Investments Commission (ASIC).

ASIC's complaints arise from reassurances given by the ASX suggesting that the project was "progressing well." Yet, by late March 2022, ASX consulted Accenture, whose findings led to the project's shelving and $250 million in write-offs.

In his statement unveiling the court action, ASIC chair Joe Longo remarked, “There was a collective failure by the ASX board and senior executives.” He underscored that ASX’s promises are vital for trust within the financial markets.

“Companies and investors rely heavily on ASX’s communications regarding their operations to make investment decisions. A breach of confidence at this level induces extensive repercussions across the market,” Longo added.

The legal actions come on the heels of a pre-existing penalty amounting to $1,050,000 paid by ASX after an ASIC investigation scrutinized its adherence to market integrity rules.

Moreover, criminal charges were recently directed at four individuals allegedly involved in a "pump and dump" operation via Telegram, spotlighting ASIC's dedication to regulatory compliance.

The CHESS system, originating in 1994, initially replaced a laborious paper-based clearing approach. The award-winning transaction clearing system proved instrumental for brokers who floated the exchange in 1998, now known as ASX Ltd. The shift from manual to digital processes was seen as a massive leap in operational efficiency at the time.

ASX had planned to replace the decade-old CHESS system beginning in 2016, targeting an April 2021 completion date. However, the project timeline was redefined to April 2023 after re-planning in March 2020.

Subsequently, Digital Assets, ASX’s advisory consultants, flagged the project with a “red RAG” status from June to November 2021, indicating severe risks to timely delivery without appropriate mitigations.

This red status, an IT project management term for serious concerns, was documented and presented to ASX’s audit committee in early February 2022. Nonetheless, ASX published its half-yearly report a week later, asserting that the project was "tracking to plan and progressing well," a statement that ASIC now disputes.

Longo emphasized, “We will argue that the project was not ‘progressing well’ as of February 10, 2022. The postponement and subsequent pause in November 2022 have significantly impacted ASX and the market participants dependent on these assurances.”

Highlighting the necessity for transparent and efficient management of such pivotal projects, Longo remarked, “Ineffective handling erodes confidence in Australia's market's ability to attract investment.”

The original article was published by Neale Prior for The West Australian

Published:Thursday, 15th Aug 2024
Source: Paige Estritori

Share this news item:

Finance News

Improving EOFY Planning: The Call for ATO Portal Access for Advisers Improving EOFY Planning: The Call for ATO Portal Access for Advisers
09 Jul 2025: Paige Estritori

In a recent discussion, James O'Reilly, Director and Financial Planner at Northeast Wealth, underscored the benefits that could come from granting financial advisers access to the Australian Taxation Office (ATO) portal. Speaking on The ifa Show, O'Reilly proposed that this access would significantly simplify the services financial advisers provide to clients, particularly at tax time and the end of the financial year (EOFY). - read more
RBA Holds Rates Steady, Shocking Markets and Shifting Economic Expectations RBA Holds Rates Steady, Shocking Markets and Shifting Economic Expectations
09 Jul 2025: Paige Estritori

The Reserve Bank of Australia (RBA) has decided to keep the official cash rate steady at 3.85%, taking many by surprise after expectations of a 25-basis-point cut had built up in financial circles. This unexpected move comes amid recent data indicating easing inflation and weaker than anticipated economic growth, conflicting with prior predictions of a cut. - read more
RBA to Continue Interest Rate Cuts Amid High Unemployment RBA to Continue Interest Rate Cuts Amid High Unemployment
08 Jul 2025: Paige Estritori

The Reserve Bank of Australia (RBA) is anticipated to maintain its trajectory of incremental interest rate reductions, according to insights from leading financial analysts at ANZ. Recent data from the ANZ-Indeed Australian Job Ads series revealed a rise from 114.8 in May to 116.9 in June, suggesting a potential rebound in job advertisements after previous declines. Despite a stable unemployment rate and hours-based underutilisation rate since mid-2024, the Australian labour market remains strained. - read more
RBA Poised for Cash Rate Cut Amid Inflationary Trends RBA Poised for Cash Rate Cut Amid Inflationary Trends
07 Jul 2025: Paige Estritori

As the Reserve Bank of Australia (RBA) prepares for its forthcoming monetary policy announcement, economic analysts anticipate a further reduction in the official cash rate by 25 basis points. This prediction, supported by Finder’s RBA Cash Rate Survey, reveals that 88% of participating experts foresee a cut that would lower the interest rate to 3.6%, aligning the decision with the recent decline in both headline and core inflation to the central bank's target range of two to three percent. - read more
Uncovering the Impact of Unsolicited Solar Sales on Consumers Uncovering the Impact of Unsolicited Solar Sales on Consumers
04 Jul 2025: Paige Estritori

In a concerning revelation, Australian retiree Christine Hirchfield shares her ordeal with an unsolicited solar installation that turned into a financial nightmare. Despite her initial enthusiasm for cheaper energy bills and a greener home, the project remains incomplete more than a year later. Consumer groups are now advocating for a nationwide prohibition on deceptive sales practices that target vulnerable consumers like Ms Hirchfield. - read more


Truck Loans Articles

How to Find the Best Commercial Vehicle Loan Rates for Your Business How to Find the Best Commercial Vehicle Loan Rates for Your Business
Securing the best commercial vehicle loan rates is crucial for the financial health of your business. As a business owner, getting favourable loan conditions can have a significant impact on your bottom line. Lower rates translate to reduced monthly payments and overall loan costs, freeing up capital for other essential aspects of your business. - read more
Preventive Maintenance: Keeping Your Truck on the Road for Years Preventive Maintenance: Keeping Your Truck on the Road for Years
Keeping your truck in top condition through preventive maintenance is crucial for extending its longevity. Regular check-ups and timely repairs can save you from unexpected breakdowns and costly repairs, keeping your truck on the road for years. - read more
The Ultimate Checklist for Managing Truck Loan Paperwork in Australia The Ultimate Checklist for Managing Truck Loan Paperwork in Australia
Managing truck loan paperwork may seem like a mundane task, but it is essential for both individuals and businesses. Staying organised can save time, reduce stress, and ensure that nothing important is overlooked. - read more
What Every Australian Commercial Vehicle Buyer Should Know About Truck Financing What Every Australian Commercial Vehicle Buyer Should Know About Truck Financing
In the dynamic realm of Australian commerce, the role of reliable transportation cannot be understated. Especially crucial is the ownership of commercial vehicles which serves as the linchpin for logistical and operational efficiency. The pursuit of acquiring such vital assets often leads businesses to explore the world of truck financing—a realm teeming with opportunities and intricacies. - read more
Truck Financing 101: How to Choose the Right Loan for Your Commercial Vehicle Truck Financing 101: How to Choose the Right Loan for Your Commercial Vehicle
With the bustling economy and expanding trade routes, Australia's commercial vehicle market is experiencing significant growth. Truck financing has become a cornerstone for businesses looking to capitalize on this boom, providing a conduit for fleet expansion and upgrades. Understanding the nuances of commercial vehicle financing options, regulations, and market trends is essential in making informed decisions for the betterment of your business. - read more
Trucking finance: How leasing can help grow your business Trucking finance: How leasing can help grow your business
Running a successful trucking business in Australia can be a challenge, but with the right financing options, you can grow your business and increase profits. One popular financing option for truckers in Australia is leasing. Leasing allows trucking businesses to acquire vehicles and equipment necessary for their operations without incurring the high costs of outright purchase. - read more
The Ultimate Checklist for Managing Truck Loan Paperwork in Australia The Ultimate Checklist for Managing Truck Loan Paperwork in Australia
Managing truck loan paperwork may seem like a mundane task, but it is essential for both individuals and businesses. Staying organised can save time, reduce stress, and ensure that nothing important is overlooked. - read more
10 Essential Tips to Improve Your Chances of Loan Approval for Commercial Trucks 10 Essential Tips to Improve Your Chances of Loan Approval for Commercial Trucks
Securing a loan for commercial trucks is a crucial step for businesses in the transportation and logistics industry. Without a reliable fleet, companies may struggle to meet the demands of their clients and risk losing valuable contracts. This is why obtaining loan approval is not just beneficial, but essential for many Australian businesses aiming to expand or update their operations. - read more
How to Find the Best Commercial Vehicle Loan Rates for Your Business How to Find the Best Commercial Vehicle Loan Rates for Your Business
Securing the best commercial vehicle loan rates is crucial for the financial health of your business. As a business owner, getting favourable loan conditions can have a significant impact on your bottom line. Lower rates translate to reduced monthly payments and overall loan costs, freeing up capital for other essential aspects of your business. - read more
Truck Loan Approval: Strategies to Avoid Credit Damage Truck Loan Approval: Strategies to Avoid Credit Damage
Maintaining a healthy credit score is crucial for securing future financial opportunities. Whether you're looking to invest in new equipment, expand your fleet, or get better loan terms, your credit health plays a big role in these possibilities. - read more


Start Here

Get a free truck loan eligibility assessment and compare truck finance and leasing options without accessing your credit file!!
Loan Amount:
Postcode:

Quotes are offered free & without obligation. We respect your privacy.

Knowledgebase
Leverage:
The use of borrowed funds to increase the potential return of an investment, but which also increases potential risk.