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ARTICLE · 06 JULY 2023

Financial Services Thinking - Issue 36

McMahon Clarke
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A 'hot tip' about the new internal dispute resolution reporting requirements and all the latest news from ASIC.

AustraliaFinance and Banking
Emma Donaghue
Emma Donaghue
Elliott Stumm
Elliott Stumm
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Read the latest edition of Financial Services Thinking where you'll find a 'hot tip' about the new internal dispute resolution reporting requirements as well as all the latest news from the corporate regulators.

ASIC

ASIC issues first DDO stop order for failure to take reasonable steps

ASIC has announced its first interim stop order for contravention of the reasonable steps obligations regarding a financial product since the design and distribution obligations (DDO) took effect in October 2021. ASIC issued the order against Mitrade Global (Mitrade) as it was concerned Mitrade was relying on a retail investor questionnaire with significant flaws as a key step for compliance with its obligations. Under DDO, issuers of financial products must take reasonable steps that will, or are reasonably likely to, result in distribution conduct to retail investors consistent with the product's target market determination.

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