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ASIC Announces Strategic Review

Applies to everyone regulated by ASIC


What's new?

ASIC Chairman, Tony D’Aloisio, has announced the results of ASIC’s strategic review.

The review was conducted with the aim of establishing strategic objectives and plans for ASIC over the next three to five years. The review drew on the results of stakeholder surveys that were conducted to identify the areas that ASIC did well and where it needed to improve.

Key Changes

Key changes ASIC have announced include:

  • Additional investment in market research and analysis
  • The formation of an Expert Advisory Panel to advise ASIC on market development and potential systemic issues
  • The four current ‘silo’ directorships will be replaced with 17 stakeholder teams, with more specific responsibilities
  • Additional resources directed to supervision of brokers and intermediaries, operators of exchange-traded products and surveillance of exchange-traded markets; and
  • Balance of resources across the nation

ASIC have emphasised their strong approach to enforcement, replacing the current single large directorate with six main enforcement or deterrence teams. This will enable ASIC to task each team with a specific responsibility such as insider trading, major fraud, international fraud and other significant misconduct.

ASIC also has plans to improve the credentials of their staff, from secondments, greater workplace training through mentors and network leaders, to including external people in the recruitment of senior executive positions.

How does this apply to you?

ASIC aims to have a flatter and more outwardly focused structure, to better articulate why it will intervene in a situation and make it clearer the behavioural changes it want’s the market to make.

ASIC’s main priorities will include retail investors, insider trading, market manipulation and disclosure.

The changes take place now, and will be implemented over the next few months.

Further information

Certainty Compliance can assist you with any of your compliance obligations. Please contact your Certainty consultant at (02) 8246 8560 or enquiries@certaintycompliance.com.au

Link to the ASIC media release: www.asic.gov.au/mediarelease

Full results of the stakeholder survey can be found on ASIC's website: www.asic.gov.au/stakeholdersurvey

ASIC's new structure chart can be viewed here:www.asic.gov.au/chart