News: NAB Australian Securities & Investments Commission Updates On Royal Commission Implementation

Sept 11 (Reuters) - Australian Securities & Investments Commission:

• UPDATES ON ROYAL COMMISSION IMPLEMENTATION
• FINANCIAL SERVICES ROYAL COMMISSION EXAMINED A NUMBER OF CASE STUDIES; FROM THESE CASE STUDIES, ASIC HAS 29 INVESTIGATIONS UNDERWAY
• OF 29 INVESTIGATIONS 4 MATTERS BEFORE COURT, 2 BEING CONSIDERED BY COMMONWEALTH DIRECTOR OF PUBLIC PROSECUTIONS FOR POTENTIAL CRIMINAL ACTION
• SINCE OCT 2018, CLOSE & CONTINUOUS MONITORING ON-SITE REVIEWS HAVE SEEN ASIC STAFF ON-SITE AT MAJOR BANKS & AMP FOR 164 OUT OF 222 WORKING DAYS
• HAS 17 CASE STUDIES UNDER REVIEW TO DETERMINE IF INVESTIGATIONS ARE WARRANTED OR ENFORCEMENT ACTION IS AVAILABLE TO ASIC
• SEEKING TO EXPEDITE THE FINALISATION OF ALL ENFORCEMENT MATTERS THROUGH THE STRATEGIC USE OF THE INCREASED FUNDING FROM GOVERNMENT
• SINCE OCT 2018, CCM ON-SITE REVIEWS SEEN ASIC STAFF ON-SITE AT MAJOR BANKS & AMP, & INVOLVED MEETING WITH OVER 550 BANKING STAFF AT ALL LEVELS
• CORPORATE GOVERNANCE TASKFORCE IS COMPLETING A TARGETED, THEMATIC ASSESSMENT OF CORPORATE GOVERNANCE PRACTICES OF 21 OF ASX100 COMPANIES

Source ( http://bit.ly/2A9m7wE)

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