ASIC’s new policy on cooperation is intended to lead to greater transparency and greater public understanding of how ASIC uses its powers to both penalise for, and deter the commitment of, breaches.  Entities that find themselves confronted by ASIC should familiarise themselves with the new policy to ensure they understand how to cooperate with ASIC most effectively and to maximise the potential benefits of effective cooperation.

ASIC has released an information sheet detailing its approach on dealing with people who cooperate with its investigations.  Information Sheet 172 Cooperating with ASIC (INFO 172) is part of ASIC’s commitment to improving transparency and explains how to cooperate, and the benefits of cooperating, with ASIC and the factors that ASIC takes into account when assessing cooperation.

INFO 172 follows releases on ASIC’s information gathering powers (see 11-194AD), public comment and enforceable undertakings (see 12-29MR), surveillance work (see 12-224MR), and claims of legal professional privilege (see 12-314MR).  Together, the information is intended to increase the public’s understanding of how ASIC uses its enforcement powers to achieve its objectives of penalising those who breach and deterring others from breaching, and what to expect if confronted by ASIC.

See ASIC’s media release.