ASIC Priorities Update
March 24th | 2020
The Australian Securities & Investment Commission (ASIC) announced a recalibration of its priorities as a result of challenges posed by COVID-19. Until at least September 30 2020, ASIC will be prioritizing matters where there is the risk of significant consumer harm, serious breaches of the law, risks to market integrity and time-critical matters. Accordingly, ASIC is suspending a number of near-term activities which are not time-critical, such as, for example, consultations, regulatory reports and reviews, and its enhanced on-site supervisory work.
This follows ASICs previous COVID-19 release, which directed some very large equity market participants to limit the number of trades executed each day until further notice. This measure was instituted to ensure Australia’s equity markets continued to function smoothly in the face of the record volumes of market activity. The trading limits applied to certain high-volume participants who were notified by ASIC directly. ASIC did not expect the measure to impact the ability of retail consumers to execute trades.