Looks like ASIC are going to be forced into becoming stricter - about time. It is good to see that ASIC will finally be held to account.
I think this means the ASX will be more stringent on GMC's continuous disclosure obligations - which is a win for all market participants
The following is from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry:
"In three years’ time, there should be a review by Government in consultation with ASIC of the effectiveness of measures that have been implemented by the Government, regulators and financial services entities to improve the quality of financial advice. The review should preferably be completed by 30 June 2022, but no later than 31 December 2022."
"I recommend that both APRA and ASIC be subjected to at least quadrennial capability reviews. Responsibility for the periodic review should rest with the oversight authority. That is not to say that the oversight authority should conduct the review itself. It may, should it wish, appoint an expert panel to undertake the review. But the review should be undertaken at the instruction of the oversight authority and the resulting report provided to both the regulator in question and the oversight authority. Undertaking capability reviews with reasonable frequency will assist both the regulator and the Government by identifying resourcing and capability gaps. The importance of the financial regulators to the economy demands that they be fit for purpose. Regular, independent reviews will assist in meeting that goal."
GMC Price at posting:
0.9¢ Sentiment: Sell Disclosure: Not Held
