The Australian Securities and Investments Commission (ASIC) announced an interim corporate plan for the 2020-21 year to tackle the COVID-19 pandemic. Moreover, ASIC said further guidance in its revised timetable of ongoing work would be announced this month.
11 June, 2020 | AtoZ Markets – Over the last few months, ASIC has been readjusting priorities in response to COVID-19, in which ASIC said it would postpone part of its plan to focus on issues that require immediate attention. On April 14, ASIC issued guidance outlining the prioritization changes taking into account the impact of the COVID-19 pandemic.
ASIC said it would update the guidance further in June 2020. Therefore, market participants may be able to have a better idea of when these measures will be implemented. ‘The revised timetable of ongoing work is an important step in assisting the transition of the business community and the broader economy to a post-pandemic world,’ said ASIC Chair James Shipton.
Interim Corporate Plan to Tackle the Coronavirus Pandemic Challenges
ASIC announced its Interim corporate plan for 2020-21. It sets out five priorities to address the impact of COVID-19 on the financial system:
- Protecting consumers from financial damage during increased vulnerability periods
- Maintain the resilience and stability of the financial system
- Helping Australian companies respond to the effects of COVID-19
- Continue to identify, interrupt and take enforcement actions of the most harmful acts.
- Continue to build organizational capacity even in difficult times.
‘The priorities identified in this Corporate Plan enable us to focus on activities. It directly addresses the needs of consumers and firms as they respond to COVID-19. However, it is important to note that the fact that some work has been delayed longer than would otherwise be desirable is not an abrogation of our regulatory work. Still, a recognition that some existing activities and new tasks must take precedence over work we would otherwise be doing,” said James Shipton.
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