New ASIC Guidance for the Fund Management Industry – Push on Compliance

Financial Services
The Australian Securities & Investments Commission (ASIC) has just released a batch of guidance for fund management in Australia.[1] In today’s update we offer a quick breakdown of the seven guidance documents. The seven guidance documents square the existing regulatory framework under the Corporations Act 2001 with the new ‘Asia Region Funds Passport’.[2] This is a multilaterally agreed framework for the cross-border marketing of managed funds across the Asia Region. Our take — compliance is everything. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry demonstrated that in spite of massive institutional compliance departments, and huge spends, a ‘compliance culture’ is non-existent in some businesses. [3] With deliberate attempts of senior management in some businesses to hide wrongdoing from ASIC it is fair to say that…
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How do I work out my compliance spend?

AU Energy Compliance, Financial Services, NZ Energy Compliance
In the just released final report of the Australian Competition & Consumer Commission (ACCC) retail electricity pricing inquiry[1], energy retailers identified the rising cost of regulatory compliance as a major concern.[2] Furthermore, rising compliance costs are not just a challenge for the energy sector. In 2014 Deloitte estimated that the total cost of compliance for Australian businesses was $250 billion every year.[3] This raises the question; what kinds of things must I consider when calculating my compliance spend as an energy business in Australia? By Dr Drew Donnelly, Compliance Quarter. Compliance Costs in General Unfortunately, there are no publicised benchmarks for compliance spend for individual energy businesses. This is likely because, in part, compliance spend is often not captured by a distinct line in the budget. Even when a business…
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