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.
“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.