ASIC has updated its regulatory guidance on the operation of the Markets Disciplinary Panel to simplify and streamline it.
The MDP, which acts through ASIC, is a peer review panel that makes decisions about whether infringement notices should be given for alleged contraventions of the market integrity rules.
In a recently updated guide to the MDP, ASIC has simplified and streamlined its policies and procedures.
The changes follow a 2018 consultation and is aimed at achieving fair and efficient outcomes according to the commission.
The key changes include a consolidation of regulatory guide 216 & 225 to make MDP practices and procedures shorter and excluding market operators from the MDP’s remit.
Another change is to use any published infringement notice as the main communication vehicle by which the MDP’s reasons are explained to the market participant and the removal of the tables of factors that go into a penalty.
Instead it will be replaced with four key factors, being the character of the conduct, the consequences of the conduct, compliance culture and remediation.
The guide has been updated to reflect the amendments to penalties made by the Treasure Laws Amendment, for conduct whole occurring on or after 13 March 2019.
The penalty that can be specified in an infringement notice can now be as high as $3.15 million for each alleged contravention of any market integrity rule.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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