"ASIC is the watchdog that no one fears." The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry criticised the Australian Securities and Investments Commission (ASIC) over its enforcement of misconduct from financial services entities.

Commissioner Kenneth Hayne stated: "When banks have disclosed, or ASIC has otherwise learnt of, misconduct, ASIC has almost always sought to negotiate what will be done in response."

Discuss whether you agree or disagree with this proposition. Refer to specific cases, case studies and legislation to support your analysis.