Key Points:
Sometimes it is in your interests to disclose privileged
information to ASIC
Recipients of compulsory information requests from the
Australian Securities and Investments Commission (ASIC) are not
required to provide information to ASIC that is the subject of a
claim for legal professional privilege (LPP). LPP applies to
confidential oral and written communications with a legal adviser
created for the dominant purpose of obtaining or receiving legal
advice or for preparing for actual or anticipated litigation.
ASIC has recently issued Information Sheet 165: Claims of legal
professional privilege (the Information Sheet), which sets out
ASIC's approach to dealing with claims for legal professional
privilege. ASIC has indicated that it may accept information the
subject of LPP on a confidential basis under a "voluntary
confidential LPP disclosure agreement", where ASIC will agree
that the disclosure of information to ASIC will not be a waiver of
any
