Legal
Australia Regulator Sues ASX Over Misleading Statements
- ASX has sought to upgrade and replace its Chess system
- ASIC Chair Longo says project was not progressing well in 2022
This article is for subscribers only.
Australia’s securities regulator is suing ASX Ltd. for misleading statements relating to a years-long upgrade to its clearing and settlement system, raising the prospect of penalties that could add to an already costly overhaul of the exchange.
The Australian Securities and Investments Commission alleges ASX statements made in February 2022 about its Clearing House Electronic Subregister System replacement project, known as Chess, misled investors, according to a statement Wednesday. The exchange said it remained “on-track for go-live” in April 2023 and was “progressing well,” the statement said.