ASIC intends to fully implement RC recommendations
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.
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