ASIC have announced a delay in issuing rules about market rumours and dealing with confidential information.
Following a consultation period with industry, which received a number of submissions in relating to the difficulty of drafting rules that could differentiate between a rumour and genuine expressions of opinion to inform price discovery, ASIC have decided to extend the consultation period for an estimated six to nine months. At the end of this time ASIC will then decide if regulatory guidance will be necessary.
How does this affect me?
If you are an Australian Financial Services Licencee actively involved in the market, ASIC is of the view that as a minimum you should:
- Have written procedures in place providing clear guidance for operational areas in the market about how to deal with rumours
- Train employees in the relevant areas about these procedures, and
- Monitor, and be able to demonstrate compliance with these procedures
What can we do for you?
Certainty Compliance can consult with you and help ensure that your policies and procedures are in place and meet ASIC’s requirements. We are also available to provide training to your staff in order that they understand how to deal with rumours. Please contact us on (02) 8324 5300 or email enquiries@certaintycompliance.com.au for further information.
For further information:
ASIC’s media release: 10-99AD
Consultation Paper 118: Responsible handling of rumours here