The Australian Securities and Investments Commission intervened to safeguard the interests of retail investors amidst a surge in online trading during the COVID-19 pandemic.
The online trading landscape grew substantially, with one in five Australian investors venturing into exchange-traded products.
In response, ASIC's surveillance of online trading providers in 2022-23 resulted in regulatory interventions, including court actions and infringement notices targeting high-risk offers, inadequate supervision, deceptive statements, and questionable digital engagement practices.
The ongoing regulatory actions by ASIC include court proceedings. The regulatory focus extends to diverse providers, including fintech companies, CFD issuers, and stockbrokers.