ASIC should adopt an approach to enforcement that: takes, as its starting point, the question of whether a court should determine the consequences of a contravention; recognises that infringement notices should principally be used in respect of administrative failings by Read More …
Tag: approach
Recommendations – Regulators
Recommendation 6.1 — Retain twin peaks Recommendation 6.2 — ASIC’s approach to enforcement Recommendation 6.3 — General principles for co‑regulation Recommendation 6.4 — ASIC as conduct regulator Recommendation 6.5 — APRA to retain functions Recommendation 6.6 — Joint administration of Read More …
Recommendations: Answering the key questions
As I have already said, I think it useful to restate and reorder what I have set out above so that the reader can see the way in which particular recommendations fit together. Restated and reordered below, the recommendations seek Read More …
ASIC’s enforcement practices
Recommendation 6.2 – ASIC’s approach to enforcement ASIC should adopt an approach to enforcement that: takes, as its starting point, the question of whether a court should determine the consequences of a contravention; recognises that infringement notices should principally be Read More …
Conclusion
The twin peaks model of regulation has now operated in Australia for many years. It should be maintained and strengthened. But there should be some adjustments made in respect of the regulation of superannuation and the BEAR. As I said Read More …
3.6 Enforceable undertakings
ASIC rightly describes an enforceable undertaking (EU) as a form of administrative settlement that ASIC may accept as an alternative to civil court action or certain other administrative actions.[1] ASIC may accept EUs given by a person, or a responsible Read More …
Introduction
I said in the Interim Report that almost all of the conduct identified and criticised in that Report contravened existing norms of conduct and that the most serious conduct broke existing laws.[1] Notwithstanding that, the law was too often not Read More …
4.7 Accountability
As I explain in the chapter relating to the regulators, I consider that provisions modelled on the Banking Executive Accountability Regime (BEAR) should be expanded to all APRA-regulated financial services institutions. I also explain in that chapter why I consider Read More …
4.2 A new approach to discipline
As I said at the start of this section of the chapter, a coherent system of professional discipline must be established for financial advisers. The system should have the following key features. First, each financial adviser should be individually registered. Read More …
4 Recommendations: Answering the key questions
As I have already said, I think it useful to restate and reorder what I have set out above so that the reader can see the way in which particular recommendations fit together. Restated and reordered below, the recommendations seek Read More …