ASIC has released its quarterly update for 1 October to 31 December 2021 (REP 717).
During the quarter we completed investigations into matters arising from the Financial Services Royal Commission.
Chair Joe Longo said, ‘ASIC launched a series of enforcement actions in response to a significant number of individual and corporate compliance failures. We will not hesitate to deploy the powers in our regulatory toolkit where necessary to uphold the law.
‘By providing industry with guidance to help meet new requirements stemming from recent law reforms, we assisted firms to meet their obligations under the law and drive better outcomes for consumers.’
ASIC also focused on raising awareness of new and continuing regulatory obligations.
‘The adoption of crypto-assets by Australians seeking better investment yields continued to grow during the quarter,’ Mr Longo added. ‘Investor protection lay at the core of our actions and advice in this space.
‘We worked with domestic and international counterparts to consider regulatory responses in this fast-shifting landscape and took the first steps towards regulating crypto-assets which underlie exchange-traded products.’