©2018-2019 by The GRC Institute - Governance, Risk & Compliance.  ABN: 42862119377

Updates on market disciplinary policies

August 8, 2019

The Australian Securities and Investments Commission (ASIC) has released an update on the Market Disciplinary Panel (MDP) policies and procedures.

 

The updates to Regulatory Guide 216 streamline the MDP’s policies and procedures and brings them into line with the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019.

 

These updates come as a result of public consultation undertaken late last year, which the regulator indicated was intended to achieve “fair and efficient regulatory outcomes and to assist market participants” to meet the MDP’s expectations.

 

A list of the key changes highlighted include:

  • the consolidation of RG 216 and Regulatory Guide 225 Markets Disciplinary Panel practices and procedures into a single, shorter guide;

  • using any published infringement notice as the main communication vehicle by which the MDP’s reasons are explained to the market participant, as well as for the benefit of market participants generally

  • removing the tables of factors going to penalty and replacing them with 4 key factors, being: (1) the character of the conduct; (2) the consequences of the conduct; (3) compliance culture; and (4) remediation; and

  • excluding market operators from the MDP’s remit.

     

     

     

     

     

     

     

     

     

Please reload

Suggested Posts
Please reload

Tags
Please reload