ASIC consults on regulatory changes
|
|
Regulatory changes to the way Australia’s security market is supervised are being discussed, with the Australian Securities and Investments Commission (ASIC) releasing a consultation paper relating to proposed changes to its market integrity rules.
ASIC will take over responsibility for the supervision of real-time trading of Australia’s domestic licensed markets, which will supplement its existing responsibility for enforcement of laws relating to market misconduct.
The consultation paper, Proposed ASIC Market Integrity Rules — ASX and SFE Markets, suggested market integrity rules to apply to trading on the Australian Securities Exchange and Sydney Futures Exchange markets be based on the existing rules of these markets while clarifying the supervisory responsibilities of ASIC and market operators, according to ASIC.
“While the responsibility for supervising the rules is changing, we do not propose to change the substance of the rules at this time,” said ASIC chairman Tony D’Aloisio.
“The market integrity rules we are releasing today are an important step in creating an improved regulatory framework with less duplication and a more streamlined and efficient approach to the monitoring of trading,” he said.
“ASIC and ASX are well progressed in transitioning the market supervision to ASIC and we are working together and with market participants to ensure stability, clarity and certainty,” he said.
Recommended for you
Next year will see AMP roll out an end-to-end solution for its North platform, marking a shift in the firm’s position within the advice technology sector and building on adviser feedback.
My Dealer Services is predicting strong growth in self-licensing next year, citing recent ASIC action against Interprac and the desire for independence as key drivers of the self-licensing trend.
ASIC has handed down a six-month AFSL suspension to MW Planning after the firm failed to replace its banned responsible manager.
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
