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Asic commences investigation into ASX's bungled Chess replacement project

Source: ASX

ASIC has confirmed to ASX that it has commenced an investigation into suspected contraventions of the ASIC Act 2001 and the Corporations Act 2001 in relation to the CHESS.

ASIC will be investigating whether ASX Limited, ASX Clear Pty Limited, ASX Settlement Pty Limited and/or their directors and officers have breached obligations under sections 180, 674, 674A, 1041H and 1308 of the Corporations Act 2001 and sections 12DA and 12DB of the ASIC Act 2001, during the period 28 October 2020 to 28 March 2022, in relation to oversight of the program, and statements and disclosures made by or on behalf of ASX as to the status of the program.

ASX takes its obligations very seriously and will cooperate fully with ASIC.

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