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Mr Macphillamy's case was part of a broader investigation into "rumourtrage" called Project Mint, which ASIC launched last March.
"rumourtrage" laws after spreading false rumours about Macquarie.
The minister has asked statutory group the Companies and Markets Advisory Committee to provide a report by June 30 on whether changes to the Corporations Act are necessary to stamp out rumourtrage, market manipulation and similar practices.
Financial Regulation Minister Nick Sherry said last November he had plans to tighten up laws on rumourtrage.
The Minister has referred the practice of rumourtrage as well as closed analysts 'briefings, margin borrowing by company directors and so-called' blackout trading 'to the government's Corporations and Markets Advisory Committee for advice.
Speaking to the National Press Club Senator Sherry said although some forms of rumourtrage were already outlawed under the Corporations Act, the government needed to do more.