ASIC prepares for CLERP 9

TheAustralian Securities and Investments Commission(ASIC) has released a timetable for policy proposal papers on the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Bill 2003 (CLERP 9).

The policy proposals, which concern areas such as ASIC’s powers with regard to disclosure, auditing and conflicts of interest, will be released on a rolling basis between now and July of this year.

ASIC executive director of policy and markets regulation Malcolm Rodgers says the regulator needs to be ready to implement the new law on July 1 - the Bill's commencement date.

However, he says the date of inauguration is dependent on the passage of the CLERP 9 Bill through Federal Parliament.

“We want to ensure that the people affected by the CLERP 9 Bill can stay up to date with this implementation plan.

“We will be consulting directly with stakeholders in the coming months, as well as seeking their comments through the formal policy process,” Rodgers says.

The policy proposals and final policy statements yet to be released include statements on ASIC’s powers to adapt requirements in the CLERP 9 Bill relating to disclosure, audit and financial reporting.

The remaining statements will concern ASIC’s proposed power to issue infringement notices for breaches of the continuous disclosure regime, and arrangements to manage conflicts of interest.

“Our policies will, of course, reflect the form of the CLERP 9 Bill and any regulations and final implementation will reflect legislative changes as they occur,” Rodgers says.