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ASIC consults on guidance and relief for litigation funding schemes
ASIC has today released Consultation Paper 345 Litigation funding schemes: Guidance and relief (CP 345) to seek feedback on proposed guidance and relief for litigation funding schemes.
In the consultation paper, ASIC is proposing to:
provide definitional guidance for key terms in the managed investment scheme (MIS) regulatory regime as they apply to litigation funding schemes
grant relief from the equal treatment duty in relation to distributions of a settlement or judgment sum obtained in connection with a litigation funding scheme
extend relief from the dollar disclosure provisions in relation to certain commercially sensitive information, and
The federal opposition has urged the advice industry to push for a parliamentary inquiry into the failings of FASEA, saying it s beyond time that problems with its implementation of the professional
“ASIC, as an independent regulator, has discretion over the allocation of resources. ASIC’s strategic planning framework is designed to monitor our operating environment, identify threats and behaviours that lead to harm (through our threats, harms and behaviours framework), and prioritise those harms that need to be addressed,” it said.
The regulator also made clear that the additional monies it had expended around pursuing the banks and AMP with respect to matters raised at the Royal Commission into Misconduct in the Bank, Superannuation and Financial Services Industry had actually been budgeted by the Government to be funded by the industry, including via the ASIC levy.
Responding to adviser submissions, the Australian Securities and Investments Commission has confirmed it is considering providing regulatory relief so that advisers can provide limited advice with just a record of advice.