ASIC has updated its guidance about enforceable undertakings by including guidance about independent experts and publicity for enforceable undertakings.
The changes to Regulatory Guide 100 Enforceable undertakings (RG 100) provide new guidance about:
- public reporting by ASIC on compliance with enforceable undertakings, including public summaries of independent expert reports
- criteria for use in assessing the independence of experts, including assessment of conflicts management processes, and
- the circumstances where ASIC will generally seek to appoint an independent expert.
The changes enhance the transparency of outcomes under enforceable undertakings accepted by ASIC.
The updated guidance will apply to enforceable undertakings accepted by ASIC from 9 March 2015.
The revised guidance also makes a number of minor technical changes to RG 100.