Dear Tutor, I have 1 questions to ask.

Facts

MFS Ltd was a publicly listed company and was the parent company of the MFS Group. MFS Ltd collapsed in 2008 during the Global Financial Crisis (GFC) with substantial debts. Following the collapse, ASICcommenced civil penalty proceedings against a number of directors and officers of the group, includingMrMichael King in connection with large scale misuse of funds. The relevant entity at the heart of ASIC's case was MFS Investment Management Pty Ltd (MFSIM). MFSIM was the Responsible Entity of the Premium Income Fund (PIF), the largest registered managed investment scheme in the MFS Group.

The Supreme Court found that MFSIM, Mr King and other senior officers within the MFS group had contravened numerous provisions of the Corporations Act in connection with the misuse of MFSIM's funds.

The Court of Appeal overturned the ruling of the trial judge on the question of whether MrKing was an officer of MFSIM.

ASIC then appealed this decision to the High Court of Australia in 2020.

A question is: Why do you think ASIC appealed this case? In your response provide reference to two key roles of ASIC in the financial markets.

Thank you.