ASIC is taking an approach which puts them in the spotlight as a tough regulator. On balance they appear to be losing more court cases than they are winning at the moment.

So, for a self-identified and self-reported disclosure issue, Morningstar, much like a few of the other ones recently, gets dragged through the mud and ASIC gets a headline.

The regulators talk and talk about Risk Culture and fostering an environment of openness yet ASIC seems to be taking an approach which is contrary to all this. How many entities are now trying to find ways of not reporting given they know ASIC appears to have no tolerance for one-off minor breaches, which this appears to be?

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