ASIC health check

The Australian Securities and Investments Commission (“ASIC”) are demonstrating a shift in attitude with the number of enforceable undertakings resulting from surveillance visits.  The outcome for companies ranges from bad publicity to the loss of a licence to trade.

In order to avoid regulatory censure it is therefore increasingly important that companies can demonstrate adherence to compliance standards as set out by the Law, Regulatory policy and industry best practice.

Our team of experienced staff can offer an independent review of how the compliance activities within an ASIC regulated organisation compare with current Laws, regulations and industry best practice.  A typical review would:

• assess the degree to which the Compliance function operates within a controlled environment:
• evaluate training material and supervisory structure;
• verify the appropriateness of marketing literature and sales practices;
• determine whether reporting lines and authorisation levels are clear and not misleading; and
• analyse the findings of our investigative work, leading to the formulation of a series of conclusions and recommendations.
  

Deloitte’s independent review will also provide recommendations as to where improvements may assist in maintaining compliance on an on-going basis.

Financial Services Reform Act Implementation Services

All financial services entities in Australia will require re-licencing, as a result of the implementation and Financial Services Reform (FSR), by 11 March 2004.  Deloitte can assist by:

• Business Activity Audit (in conjunction with your lawyers)
• preparation of FSR Project Plan
• project manage the transition / application
• assist with tailoring e-licence application
• assist in preparing compliance plans and risk management frameworks (including risk workshops)
• quality assurance on proofs required by ASIC
• ad-hoc technical advice
• pre-lodgement organisational compliance review
• post-implementation organisational compliance review
  

Regulatory Compliance Services

Deloitte's specialist regulatory compliance team work with clients to improve the effectiveness and efficiency of compliance frameworks and procedures to assist companies meet the requirements of key regulatory bodies.

Regulatory compliance surveillance and censure is becoming increasingly global and in Australia, there has been a recent substantial increase in enforceable undertakings.

Deloitte can assist your business:

• manage your FSR Act implementation program
• avoid reputation risk via regular compliance audits and reviews
• determine clear divisions of compliance responsibility
• undertake specific projects such as:
  - licence applications
  - implementation of risk management systems
  - preparation or critical appraisal of compliance plans
  - implementation of compliance monitoring systems 
  - supplemented monitoring
• fraud investigations
• provide specialist staff to assist companies fill gaps in their internal resources
• co-ordinate value-based compliance activities by focusing on key compliance risks

Deloitte ensures your organisation's regulatory compliance frameworks and monitoring tools are robust enough to meet the challenges of the new regulatory era.

Specific areas of specialisation and expertise include:

• Managed investments compliance
• Privacy legislation
• APRA regulation
• SIS legislation
• Standard and Poors requirements
• SFE regulations
• Prudential regulations