The ASIC Enforcement Review Taskforce provided its report to the Government in December 2017.
In its report, the Taskforce made 50 recommendations in relation to:
- Self-reporting of contraventions by financial services and credit licensees
- Harmonisation and Enhancement of Search Warrant Powers
- ASIC’s access to telecommunications intercept material
- Industry codes in the financial sector
- Strengthening ASIC’s licencing powers
- ASIC’s power to ban individuals in the financial sector
- Strengthening penalties for corporate and financial sector misconduct, and
- ASIC’s directions powers.
The Taskforce report was released in April 2018 in conjunction with the Government response to the report. The Government response agrees, or agrees-in-principle, to all recommendations in the Taskforce report.