ASIC flags surveillance around DDO compliance
The Australian Securities and Investments Commission (ASIC) believes the financial services industry has had long enough to bed down the design and distribution obligations (DDO) regime and has flagged adopting a tougher approach.
Included in that tougher approach will be a surveillance exercise and the possibility of ASIC action where it detects shortcomings.
ASIC chairman, Joe Longo has told a governance summit today that the regulator believes the industry “is reaching a point where it has had sufficient time to bed down its implementation of the regime”.
“We will therefore be expecting compliance with the regime, and across this year we will pursue a targeted surveillance approach,” he said.
Longo said that, out of that surveillance, ASIC would be moving to enforce the obligations where necessary.
I appreciate that we are stuck with the Government thievery that is the CSLR. The constant (and fair) argument from…
CLSR was meant to be the ‘last resort’, not the GoTo funding model that would unfairly burden honest business operators…
Unregulated MISs the base problem. Yet MIS remain out of CSLR ? And MIS remain largely Unregulated. WTF Corrupt Canberra
Exactly
Useless ASIC writes another report about excessive breach reporting where ASIC admit mass complaints about a crap crazy Red Tape…