ASIC’s Directions Powers
ASIC Enforcement Review Position and Consultation Paper 8
The Law Council welcomes the opportunity to provide this submission to the Treasury regarding the Position and Consultation Paper 8 of the ASIC Enforcement Review: ASIC’s Directions Powers (the Consultation Paper).
This document encompasses two separate submissions in response to many of those issues identified within the Consultation Paper.
Part A of this document contains a combined submission of the Corporations Committee and Financial Services Committees of the Business Law Section of the Law Council (the BLS Committees).
Part B of this document contains a submission from the Superannuation Committee of the Legal Practice Section of the Law Council, specifically addressing the application of the proposals to superannuation trustees.
The BLS Committees and Superannuation Committee oppose the introduction of the proposed directions power, which is considered unnecessary in light of the strength and breadth of ASICs existing regulatory powers. The BLS Committees consider that if such a power is introduced, it should be much more limited than the power proposed in the Consultation Paper. The Superannuation Committee considers that the power should not be extended to an Australian Financial Services (AFS) licensee that is an Australian Prudential Regulation Authority (APRA) regulated superannuation trustee.
You can read the full submission below.