ASIC, the renown Australian regulator, has issued a Corporate Plan outlining its strategies and proprieties for the 2020-2024 period. The Australian Securities and Investments Commission released the document this Monday.
The most crucial thing that will be its main focus is the COVID-19 pandemic, more specifically the financial consequences that arose because of it.
The Australian watchdog will take action to address this long term impact that the COVID-19 pandemic is expected to have. In particular ASIC will focus on five crucial strategies.
- to protect clients of its regulated firms from danger and scams
- to maintain the stability and integrity of the Australian financial system
- to support Aussie businesses in their response to the virus induced pandemic
- to identify and take action against unacceptable conduct
- to maintain its status as a stable organisation, while also continuously striving for improvements during these and other challenging times
It is obvious that ASIC is not entirely focusing on the COVID-19 problem. Another focus point is its “Why not litigate” enforcement strategy which sees the introduction of new penalties and powers to the Australian overseer.
The agency has also put as priority to reduce misconduct by its directors and service providers, to improve the risk management strategy and team, and to promote a healthy financial system.