ASIC to focus on COVID-19 challenges

ASIC to focus on COVID-19 challenges | Insurance Business

ASIC to focus on COVID-19 challenges

The Australian Securities and Investments Commission (ASIC) has announced that it will be recalibrating its regulatory priorities until Sept. 30 to address the challenges posed by the COVID-19 pandemic.

Aside from COVID-19-related challenges, ASIC said it will focus on action necessary to prevent immediate consumer harm, egregious illegal conduct, and other time-critical matters.

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“ASIC is committed to working constructively and pragmatically with the firms we regulate, mindful they may encounter difficulties in complying with their regulatory obligations due to the impact of COVID-19,” the corporate regulator said in a statement.  

ASIC has already postponed a number of near-term activities which are not time-critical, including consultation, regulatory reports and reviews, and its enhanced on-site supervisory work, as well as provided new guidance to its staff in issuing information-gathering notices. ASIC said it may also provide relief and waivers from regulatory requirements, should there be a need.

ASIC will maintain its enforcement activities as well as its key business-as-usual functions during this difficult time.