Explain your views concerning the effectiveness of ASIC as a corporate regulator and enforcer of the Corporations Act 2001.

AUSTRALIAN CORPORATIONS LAW
The Hayne Royal Commission was critical of the role of industry regulators, ASIC and APRA. In the Commission’s Final Report , Hayne argued that ASIC’s enforcement culture needed to change.
Explain your views concerning the effectiveness of ASIC as a corporate regulator and enforcer of the Corporations Act 2001. Your answer should carefully consider the enforcement methods available to ASIC under the Act and may take into consideration additional resources, especially relevant legal academic journal articles and case law.

Using relevant legislation and case examples to support your arguments, discuss whether or not the board of FF has any reason to take legal action against Lew and if they are likely to be successful if they do.