ASIC bows to industry on rumours
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The Australian Securities and Investments Commission (ASIC) has stepped back from locking publicly listed companies into a strict set of procedures on handling confidential information and rumours.
The regulator announced that instead of locking companies into strict regulatory guidance, it would continue to work with them for another six to nine months.
ASIC deputy chairman Belinda Gibson acknowledged that ASIC’s process of community consultation had given rise to concerns about regulatory certainty and costs versus benefits.
“As a result, we have decided to continue our consultation with industry over the next six to nine months and then make a decision on whether and what additional guidance is needed,” she said.
However, Gibson said that while ASIC acknowledged the need for further discussion it believed Australian Financial Services Licensees who were actively engaged in the market should consider having in place written procedures which provided clear guidance, training for employees and compliance monitoring.
AUTHOR
Mike Taylor
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