On 28 September, ASIC released Regulatory Guide 269 Approval and oversight of compliance schemes for financial advisers (RG 269), in which ASIC gives guidance on ASIC’s proposed approach to approving and overseeing compliance schemes for financial advisers.
ASIC states that RG 269 explains our process and criteria for determining whether to grant approval to a compliance scheme, and sets out:
- ASIC’s expectations for the governance and administration, monitoring and enforcement processes, and ongoing operation of compliance schemes;
- how ASIC will exercise its powers to revoke the approval of a compliance scheme and to impose or vary conditions on the approval, and
- the notifications that monitoring bodies must make to ASIC.