The Australian Securities and Investments Commission (ASIC) has sued ASX Ltd, the operator of Australia's stock market. The regulator alleges that ASX misled the public about the progress of a blockchain-based settlement system upgrade, which was later shelved.
ASIC's lawsuit claims that ASX violated the law by stating in a February 2022 update that the project was on track, despite knowing it was undergoing significant delays. The lawsuit, which seeks unspecified penalties, accuses ASX of undermining the integrity of Australia's financial markets and investor confidence. By engaging in misleading conduct, "ASX risked damaging perceptions of the integrity of the Australian financial markets and the confidence of investors," the filing reads.
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