Mr Tanzer said that based on the review, ASIC is “satisfied that platform operators are taking appropriate steps to ensure compliance with revised RG 148 requirements”.
“We continue to work with the industry to address any issues they may experience with the new requirements,” he said.
The corporate regulator said its engagement with the industry in the lead-up to the implementation date of RG 148 and the related class orders provided ASIC with an opportunity to explore any industry concerns regarding the new requirements and any difficulties the industry may have encountered in applying them.
ASIC noted in a report on the introduction of the requirements that there were some implementation and transitional issues, however, which will require further monitoring by ASIC.
These issues include conflicts of interest management, particularly in relation to vertically-integrated structures.
The report also indicated compliance issues with corporate structure requirements and practical issues relating to the calculation of fees and costs required in Schedule 10 of the Corporations Regulations 2001.
ASIC said there are, however, no significant barriers to the effective implementation of the updated requirements in RG 148.
The corporate regulator said the platform industry needs to pay particular attention to any conflict of interest management, especially in vertically-integrated structures, and to breach reporting.
ASIC said the platform industry also needs to be wary of unadvised clients on platforms, investment governance risk and corporate structure requirements.
Mr Tanzer said ASIC will continue to engage with the industry on the few issues identified through the review to “help platform operators meet their obligations in the most practical and efficient way”.
