ASIC has released its 2015-16 to 2018-19 Corporate Plan setting out  strategic priorities including:

• Promoting investor and financial consumer trust and confidence;
• Ensuring fair, orderly, transparent and efficient markets; and
• Providing efficient and accessible registration.

Over the coming four years ASIC will be focusing on “gatekeeper conduct”. Through prior investigations ASIC believes it has identified particular risks in the “gatekeeper culture” and conduct in the following areas:

1. Responsible entities;
2. Lenders;
3. Markets; and
4. Directors, auditors and insolvency practitioners.

ASIC intends to review high-risk  insolvency practitioners with a particular focus on independence (including in relation pre-insolvency advisers), competence and improper gain (including remuneration).

Further attention will be paid to lodgment compliance with ASIC concerned about perceived systematic non-compliance with statutory lodgment obligations by some insolvency practitioners.

For more information contact ERA Legal.