Funds Update – 3 November 2023

In this Funds Update for 3 November 2023:

1. ASIC releases more insights re reportable situations regime
2. HSF article on DDO developments

ASIC releases more insights re reportable situations regime

On 31 October 2023, ASIC released its second publication (REP 775) on information lodged under the reportable situations regime.

ASIC has concluded that REP 775 shows that little improvement has been made in key areas of concern for ASIC since the release of REP 740 on insights from the regime last year, which we reported on in our funds update of 4 November 2022.

The key findings of REP 775 include:

• the proportion of the licensee population lodging reports remains low, which ASIC considers indicates that some licensees may not be complying with the regime. Since the commencement of the revised regime in October 2021, 11% of the licensee population has lodged a report;