ASIC has released its second quarterly update for 1 April to 30 June 2021 (REP 697)
During this quarter ASIC welcomed new Chair Joseph Longo and Deputy Chair Sarah Court, and maintained its focus on supporting Australia’s economic recovery from the COVID-19 pandemic.
The report summarises the steps ASIC took between April and June 2021 to identify harms, address misconduct, and protect consumers and investors. These steps included taking enforcement action against reckless investment promoters and issuing consumer warnings to address the increase in scam-related activity.
This quarter ASIC closely monitored its regulatory impact on business’s ability to withstand and recover from the pandemic’s economic effects. The report outlines relief measures ASIC extended between April and June to support economic recovery.
The report also describes how ASIC continued to provide industry guidance on new laws commencing in October 2021, such as the expanded breach reporting requirements, and product design and distribution obligations.