Directors and advisors ... watch this space ... ASIC gears
up
The response to the recently published Final Report into
Misconduct in the Banking, Superannuation and Finance Services
Industry was swift and decisive. Many of the financial
organisations that were summonsed to appear, agreed to immediately
implement many or all the Commissioner's recommendations.
Notably the Australian Securities and Investments Commission (ASIC)
moved quickly to announce that it is committed to fully implement
each of the 12 recommendations directed at it.
One of those recommendations relate to ASIC's approach to
enforcement. The Royal Commission identified ASIC's enforcement
culture as the focus of the change needed at ASIC. Practically this
means less actions settled via undertakings, but rather a focus on
whether the courts should determine the consequences of a
contravention. The question that ASIC may have postured
historically "why litigate" will now, says ASIC, be
replaced
