ASIC has released Report 568 ASIC enforcement outcomes: July to December 2017, which outlines the enforcement outcomes achieved by ASIC over the second half of 2017. Commencing 63 investigations and completing 61 investigations, ASIC has taken enforcement actions in relation to corporate governance, financial services, market integrity and small business.
More notably, the report also outlines the focus areas for ASIC’s enforcement teams for the next six months. As discussed in ASIC’s Corporate Plan, these include:
- financial vulnerability of consumers at key decision points;
- inadequate risk management of rapid technological change, including digital disruption, technology-enabled offending and cyber threats; and
- cross-border businesses, services and transactions in a continually evolving regulatory environment.
ASIC has flagged cyber resilience as a key priority, indicating that there would be significantly increased regulatory scrutiny. ASIC has previously released Report 429 Cyber Resilience - Health Check and Report 555 Cyber resilience of firms in Australia’s financial markets to highlight best practices for cyber preparedness as well as Report 468 Cyber resilience assessment – ASX Group and Chi-X Australia Pty Ltd, which is a point-in-time assessment of the ASX Group and Chi-X