The Australian Securities and Investments Commission (ASIC) has signalled its intention to fully implement Commissioner Hayne’s 12 recommendations to the regulator outlined in the Royal Commission final report.
ASIC said as a result of the recommendations, there would be over 60 additional penalty provisions that it would be able to action, which would be of greater deterrence value given the recent passage of the Treasury Laws Amendment Bill.
The regulator said it would prioritise work on the 11 specific referrals in relation to eight entities made in the final report.
“While ASIC does not comment on actual or potential investigations, it will provide an update (when appropriate to do so publicly) on the handling of those matters – if proceedings are commenced, for example,” the update said.
In response to the Royal Commission’s recommendation to litigate more regularly, ASIC reiterated its “why not litigate?” enforcement stance it adopted in October last year.
ASIC also reinforced its intention to work with the Government as it "seeks to ensure that regulators remain appropriately resourced" and as it considers what additional funding would be required in the upcoming Federal Budget.
"ASIC stands ready to work with the Parliament, the Government, and APRA to implement the reform agenda," it said.
Comments
ASIC - Get your own house in order before you start attacking everyone else.
I would have thought that legislation needs to be passed before a lot of these recommendations can be implemented.
Does ASIC's statement imply that they wish to influence the legislation when they are supposed to be regulators not legislators.
Not the first time ASIC has "jumped the fence" like this.
Where was ASIC hiding over the last 10 years (Asleep at the wheel it appears). They had teeth, but very rarely exposed them. If they were proactive in doing their jobs during that time, the big players would have and should have been exposed for their greed and "unconscionable conduct" which has now led to the RC outcomes - many of which have been long overdue. To say that they were under-resourced is a mere cop-out. This now flags more tax by stealth on our industry, as the pollies queue up legislation to increase the ever increasing costs to run a business, with the RC outcomes used as their tool/justification to do so. The ultimate costs will be borne by clients (those who will be able to afford it).
How will this “intention” from ASIC conflict with their agenda to protect the industry funds who are blatantly able to game the intrafund rules to provide in-house personal advice but if someone else did this, well... that’s different!! ASIC are pathetic jokes
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