Investment banks, issuers, brokers, lenders, financial market participants, responsible entities, company directors, auditors and insolvency practitioners are all in ASIC’s sights for increased regulatory scrutiny over the next four years. These focus areas were unveiled yesterday in ASIC’s Corporate Plan, with ASIC also detailing the extensive market surveillance it will undertake to ensure compliance with the law.
ASIC’s priorities for the next four years are comprehensive. In short, ASIC is furthering its consumer protection mandate by responding to poor gatekeeper culture and conduct through appropriate regulatory measures. Where ASIC’s surveillance measures identify wrongdoing, ASIC will take enforcement action or accept enforceable undertakings. All entities are on notice of ASIC’s surveillance areas and should review their compliance with the target areas ASIC has identified. If any deficiencies are discovered it is crucial that immediate action is taken to rectify those deficiencies. We have summarised ASIC’s focus areas below.
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