Federal Treasurer Peter Costello has already referred some of the 56 matters arising from the HIH Royal Commission to the NSW Director of Public Prosecutions as well as the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority. They include recommendations in relation to CEO Ray Williams, former FAI MD Rodney Adler, business associate Brad Cooper and HIH COO Dominic Fodera.

In a statement announcing the release of the 1456-page HIH Royal Commission, Mr Costello said matters relating to Corporations Law will give rise to either civil or criminal penalties.

“If you take civil proceedings it is a lower standard of proof and normally results in a financial penalty,” he said. “If you take criminal proceedings, it is a higher standard of proof and could well result in jail terms.”

If ASIC decides criminal proceedings should arise, then the Government will consider appointing a special prosecutor who would deal with the matter, he said.

So don’t be surprised if this bulletin contains many reactions to the report. There will probably be many more to come in future weeks as the industry – and other groups – come to terms with many of the wide-ranging findings and recommendations of the royal commission.