ASIC Finds $1 Trillion in Funds Lack Proper Oversight

'No excuse': ASIC slams poor practices by managed investment funds holding $1T

Save (0) Please login to bookmarkClose Username or Email Address Password Remember Me The corporate cop has found “widespread” compliance plan failures in the managed investment fund industry, and says it is investigating some fund managers for potential breaches. Subscribe to Lawyerly to access this article.Already a subscriber? Username or Email Address Password Remember Me Lost your password? The post ‘No…

ASIC Finds Widespread Failures In Compliance Plans Covering Nearly $1 Trillion In Managed Funds - FinanceFeeds

The Australian Securities and Investments Commission has announced that a large proportion of responsible entities in the managed investment industry are operating with inadequate compliance plans. According to a review published today, most of the 50 compliance plans assessed by ASIC failed to meet critical regulatory expectations, exposing fund members to potential risks across key governance and legal areas. The review covered 1,471 registere…

Majority of fund compliance plans fall short, ASIC investigation finds

The ASIC has raised serious concerns over the compliance standards of REs overseeing managed investment schemes, after a targeted review found major shortcomings in how regulatory obligations are being addressed. According to Financial NewsWire, in its latest surveillance effort, ASIC reviewed 50 compliance plans underpinning the operations of 1,471 managed investment funds. The regulator revealed that most of these documents failed to meet esse…

ASIC Sees Defective Compliance Plans in Managed Investment Sector

ASIC’s review reveals over half of compliance plans fail to meet legal requirements, prompting calls for industry improvement. To continue reading... Sign in Password * Remember me Lost your password? Subscribe Subscribe to Regulation Asia to gain access to APAC’s leading platform for news, analysis, research and verified data on financial regulation. Select More Information below to vie…

ASIC Finds $1 Trillion in Funds Lack Proper Oversight

Australia's financial market watchdog has uncovered significant compliance failures across the managed investment sector. The responsible entities have overseen nearly $1 trillion in assets that have failed to maintain adequate oversight plans.$1 Trillion Fund Industry Fails Basic Compliance TestsThe Australian Securities and Investments Commission (ASIC) examined 50 compliance plans covering 1,471 funds. It discovered widespread deficiencies in…

ASIC hits managed investment scheme compliance - Financial Newswire

The Australian Securities and Investments Commission (ASIC) has fired a shot over the bows of the managed investment sector, accusing it of failing to maintain adequate compliance plans. ASIC said it had assessed 50 compliance plans used by responsible entities in the operation of a combined 1,471 funds and found that most of the plans failed to adequately address the most important requirement across the design and distribution obligation, inte…