ASIC, ASX move from dynamic duo to enemies [Video]

Oh, the exquisite irony. The Australian Securities Exchange, a market operator responsible for policing public company disclosure rules, is being sued by the supreme corporate regular for (wait for it) misleading and deceptive disclosure.

For Australia, it is as bizarre as it is embarrassing.

In an Australian first, our two corporate cops, the ASX and the Australian Securities and Investments Commission, have moved from operating as the dynamic duo to combatants in a legal battle.

The legal action was announced with the ink barely dry on a Senate report released last month in which chair Andrew Bragg branded ASIC a failure as regulator, citing its unwillingness or reluctance to commence investigations.

So what are we to …