Minister for Revenue and Financial Services Kelly O’Dwyer has welcomed a proposal to give the corporate regulator more powers to address compliance failures.
In a statement, Ms O’Dwyer said the federal government welcomed the proposal to equip ASIC with ‘directions powers’, as outlined in the final positions paper from the ASIC Enforcement Review Taskforce.
The new powers would allow the regulator to “give a direction to a licensee relating to the conduct of its business” where that business has, is currently, or will violate financial services or credit laws, Ms O’Dwyer said in the release.
“The proposed directions power would allow ASIC to take steps to protect consumers by preventing harm before the damage is done,” she said.
The position paper said ASIC currently faces three key challenges in imposing requirements or restrictions on a licensee, adding that these powers will better enable the regulator to do so.
“The Taskforce considers that, to the extent practicable, ASIC should be able to require compliance with AFS or credit licence obligations in real time, and that the regulator should be given powers to direct licensees to take or refrain from taking actions where appropriate for this purpose,” the paper said.
The position paper is currently available on the Treasury website and interested parties will be able to make submissions on the proposal until 20 November 2017.
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