Financial regulator Asic has issued infringement notices to the operators of Zara, H&M, and Sephora for failures to lodge financial reports on time.

The action follows an increased commitment from Asic to focus on the lodgement of financial reports. Since August, it has issued 24 infringement notices and fines of more than $4.5 million for alleged financial reporting breaches.

Inditex Australia, the operator of Zara, paid $198,000 following an infringement notice for failing to lodge its report on time for the financial year ending January 31 last year. Both H&M Hennes and Mauritz, the operator of its namesake fashion brand, and Sephora Australia were fined the same amount.

Asic maintains that the payment of fines is not an admission of guilt on the company’s part, nor are the respective companies seen as having committed an offence.

“This, combined with court-imposed fines for failing to lodge financial reports and related governance obligations, should send a clear message to reporting entities that we are actively enforcing the financial reporting requirements and expect companies to comply,” Asic commissioner Kate O’Rourke said

“In line with our current enforcement priority, and through our targeted, data-driven surveillance, we continue to identify and investigate a number of companies that have lodged late or failed to lodge at all.”

O’Rourke vowed to take action to ensure that Asic would make a company aware of its governance and disclosure obligations.