Title page
Contents
Chair's foreword 3
Membership of the Committee 8
Terms of reference 10
List of abbreviations 11
1. Introduction 12
Background 12
Areas of responsibility 13
Enforcement outcomes 14
Scope and conduct of the review 15
2. Current issues in financial systems regulation 16
Overview 16
Financial Services Royal Commission 16
Update on progress since previous report 17
New enforcement approach 18
Outstanding matters arising from the Royal Commission 20
Deferral of implementation of commitments 21
Response to the COVID-19 pandemic 22
Notices and on-site supervisory work 24
Loan repayment deferrals 25
Early release of superannuation 27
JobKeeper 29
Superannuation 30
Accuracy of advice regarding SMSFs 30
Potential for 'quasi insider trading' during market downturn 32
Superannuation advertising 33
Audit of ASIC's financial statements 34
Payments made on behalf of the Chair 35
Payments made on behalf of Deputy Chair Crennan 37
ASIC's response 38
Conclusion 39
Appendix A - Hearings and witnesses 41
Table 2.1. ASIC's actions on the Royal Commission recommendations 18
Table 2.2. Operating expenses - average and median 31