ASIC has released four templates today, designed to assist those parties considering offering an enforceable undertaking.
Enforceable undertakings are one of a number of remedies available to ASIC for breaches of the legislation it is responsible for enforcing. They are generally accepted by ASIC as an alternative to civil or administrative action but are not appropriate in place of criminal proceedings or in matters involving deliberate fraud or misconduct.
The four templates cover:
-
a standard template applicable to all enforceable undertakings;
-
sample terms for compliance program assessment;
-
sample terms for compensation; and
-
sample terms for corrective advertising on the Internet.
Background
ASIC announced the forthcoming release of these templates as a supplement to Enforceable Undertakings: An ASIC Guide, when it released the guide on 13 March 2007. The templates are available from the ASIC website, and will be expanded upon and updated as necessary.