What is an ASIC Information Sheet?
Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.
What is ASIC investigation?
ASIC has the powers to investigate breaches and institute civil or criminal proceedings under these Acts. This includes actions against directors, companies or other implicated persons, for matters such as breach of duties, misappropriation, and insolvent trading. Investigation.
Can ASIC bring criminal proceedings?
ASIC is empowered to take a range of administrative, civil and criminal actions in relation to alleged misconduct within our jurisdiction. in any proceedings commenced by ASIC we will give due credit for any cooperation we have received from the person or entity against whom the proceedings are brought.
Are the decisions of ASIC subject to any kind of review?
Can you get an independent review? You may have a right to seek review of the decision by the Administrative Appeals Tribunal (AAT). The AAT is an independent body which can review some of ASIC’s decisions.
What are the powers of ASIC?
Under the financial services laws, the ASIC has facilitative, regulatory and enforcement powers, which include power to:
- make rules aimed at ensuring the integrity of financial markets.
- investigate suspected breaches of the law and in so doing require people to produce books or answer questions at an examination.
What is an enforceable undertaking ASIC?
Enforceable undertakings are undertakings given to us (and accepted by us) which are enforceable in a court. They are generally accepted by us as an alternative to civil or administrative action where there has been a contravention of the legislation we administer.
When can ASIC hold a hearing?
You normally have 28 days from the date of receiving the notice of hearing to appear at the hearing in person or to send us a written submission. If the date is not convenient or you consider that the time estimated is not sufficient you should contact us as soon as possible.
What power does ASIC have?
Parliament has given ASIC a range of compulsory information-gathering powers to enable us to require a person or entity to: provide us with documents and information. attend an examination to answer questions and/or provide reasonable assistance.
What is an infringement notice ASIC?
Infringement notices are administrative actions administered by ASIC or, with ASIC’s authority, the Markets Disciplinary Panel (MDP). There are a number of different infringement notice regimes with differing levels of potential penalty. For more information see ASIC’s approach to enforcement.
How long does it take for ASIC to investigate?
We make preliminary inquiries and conduct an initial assessment of your report to see whether we should escalate the report to a specialist team. Our goal is to finalise our initial assessment within 28 days. We can only take action if the matter is within one of our areas of responsibility.
How long does it take for ASIC to review a business name?
within 28 days
Once you submit your request, we will investigate and respond within 28 days. As part of this process, we may contact you for further evidence to support the review. The types of decisions ASIC can review, who can request a review and the request period for decisions about a business name registration.
How do I contact ASIC?
011 61 3 5177 3988
Australian Securities & Investments Commission/Customer service
Why did ASIC release executive variable pay info sheet?
In addition, ASIC has decided to release this information sheet drawing on the review’s factual findings and framed to assist the boards and remuneration committees of other listed companies to navigate decisions on executive variable pay in the challenging context of COVID-19.
What are the document production guidelines for ASIC?
This information sheet (INFO 242) provides an overview of ASIC’s document production guidelines. The guidelines are designed to help those who produce books to ASIC in connection with its investigations or surveillance activities, whether on a voluntary basis or in response to ASIC’s compulsive powers.
What is the definition of a book in ASIC guidelines?
‘Books’ are defined in the guidelines as including documents and any other record of information in both electronic and/or hard copy. ASIC has consulted with law firms and financial institutions about these guidelines and is thankful for their feedback. This information sheet explains: how to use the guidelines.
When does ASIC have to issue fee disclosure statement?
ASIC does not have powers to provide exemptions from the OFA obligations in the law or to modify how the obligations apply. The obligation to give clients a fee disclosure statement (FDS) annually where there is an ongoing fee arrangement has applied since 1 July 2012.
