The Australian Securities and Investments Commission (ASIC) has listed its strategic priorities for the years ahead until 2026.
ASIC's Corporate Plan 2022-26 identifies the regulator's actions to address several emerging trends and significant law reforms shaping the Australian financial system, including digitally enabled misconduct, emerging technologies, climate risks, and an aging population.
The national corporate watchdog's four external strategic priorities are:
Core strategic projects will support these priorities, focusing on sustainable finance practices, crypto-assets, scams, cyber and operational resilience, breach reporting, design and distribution obligations, and subject to the passing of legislation, the Financial Accountability Regime.
The corporate plan also includes ASIC's internal change program in line with the four internal strategic priorities, including the corporate watchdog's investment in technology to become a leading digitally enabled and data-informed regulator. It also details ASIC's regulatory efficiency initiatives to enhance how it administers the law and engagements and interactions with stakeholders.
ASIC chair Joe Longo said ASIC will take strong and targeted enforcement action to protect consumers and investors and maintain trust and integrity in the Australian financial system.
“ASIC is looking to the longer term and planning over the next four years. But we've seen that scenarios can change quickly. We remain alert to changes and developments in our operating and regulatory environment, and we will continue to make rapid, strategic decisions to adapt where needed. When we do so, it will be transparent,” Longo said.
The release of ASIC's Corporate Plan 2022-26 follows the corporate regulator's clarification of retail cover obligations in business insurance and the release of its quarterly enforcement and regulatory update.