Complimentary green paper: Strategy for Engaging with Regulators

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In a post-Financial Services Royal Commission (Hayne Royal Commission) world, the regulatory landscape has changed fundamentally. The twin peaks model remains, but the approach to enforcement is now summed up by the phrase, ‘adequate deterrence of misconduct depends upon visible public denunciation of misconduct’.

ASIC has a new, more intensive supervisory approach—close and continuous monitoring involves regularly placing ASIC staff onsite in major financial institutions to closely monitor governance and compliance with laws. If successful, this program may be rolled out more broadly. Its supervisory initiative, the Corporate Governance Task Force is undertaking targeted reviews of corporate governance practices in large listed entities to allow it to shine a light on ‘good’ and ‘bad’ practices observed across these entities.

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