Australia regulator sues ASX over 'misleading' software upgrade statements

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Australia regulator sues ASX over 'misleading' software upgrade statements - Channel News Asia

Quick Summary:

SYDNEY :The Australian corporate regulator has sued the country's stock market operator alleging it misled the public about the progress of a troubled software upgrade and accusing the company of undermining financial market integrity and investor confidence.

ASX CEO Helen Lofthouse, who took up the role in August 2022, said in a statement the company was reviewing ASIC's allegations, but "we recognise the significance and serious nature of these proceedings".

The lawsuit, which seeks unspecified fines, marks a low point for relations between ASX and its main regulator over a project initially billed as one of the world's most ambitious use cases of blockchain-based technology.