On 26 August 2021, the Australian Securities and Investments Commission (ASIC) released its:
- Corporate Plan 2021-25 (ASIC Corporate Plan); and
- Statement of Intent, released in response to the Australian Government’s Statement of Expectations 2021 (Statement of Expectations), which was also made publicly available on 26 August 2021.
Each of these publications confirm a widely predicted change in ASIC’s strategic direction away from the hard-line enforcement approach which emerged following the Financial Services Royal Commission. Announcements from Treasury and other government entities throughout 2021 signalled that, in light of the challenging financial circumstances of the continuing COVID-19 pandemic, ‘the Federal Government expects ASIC to support Australia’s economic recovery’. The ASIC Corporate Plan and Statement of Expectations reflect a pivot to largely transparent and reduced regulation to allow business to operate with more…