18. November 2010 15:26
ASIC has updated Regulatory Guide 98 Licensing: Administrative action against financial services providers.
RG 98 details how ASIC will use its administrative powers to enforce the financial services legislation, including its new market supervision powers.
The update does not represent a substantive change in the Commission's overall approach, but includes additional sections relating to market participants (ie Australian Financial Services Licence holders that are also market participants).
In the case of market participants, ASIC may —in addition to its general powers— request that the Markets Disciplinary Panel issue an infringement notice. Compliance with that notice may involve the payment of a penalty, undertaking remedial measures, accepting sanctions or entering into an enforceable undertaking.
ASIC policy on the role and function of the Panel is set out in Regulatory Guide 216 Markets Disciplinary Panel.
More information is available at the official ASIC site.