ASIC needs fundamental reform over complex litigation: report

Australia’s corporate regulator’s recent failed attempts to prosecute high profile cases have invited calls for fundamental changes regarding its dealing with lengthy and expensive cases.

The age reported that Professor Ian Ramsay doubted the Australian Securities & Investments Commission's capability in handling complex litigation.

Professor Ramsay, director of the Centre for Corporate Law at Melbourne University said that ASIC was lacking ability to identify cases it could litigate successfully.

Speaking on the issue, Professor Ramsay said, “It's probably opportune to consider whether there should be some review about how we conduct such complex litigation.”

He also suggested that ways should be sort out to cut complex litigation.

Professor Ramsay’s comments followed ASIC’s latest failure in a court case against Fortescue Metals Group Ltd director Andrew Forrest.