Have you received a surveillance notice from ASIC?

November 2019

Do you know what steps to take if you receive a surveillance notice from ASIC?

ASIC is once again issuing notices to some AFS licensees, including wholesale and retail fund managers, aimed at identifying compliance failures which could lead to enforcement action. The notices require the production of certain books and written statements by mid-December this year which can be a very onerous task.

It is important you understand the content and effect of the notices and comply with your obligations. While the receipt of a notice does not indicate a breach of the law, the information and documentation in your response may lead to further investigation by ASIC.

What steps should you take?

If you receive a notice, we recommend preparing your response as early as possible and perhaps consider requesting an extension. If you have not received a notice, then it is a good opportunity to review your business to ensure you can respond to such requests.

We understand what is required to meet ASIC's requirements and have previously assisted our clients to comply with these notices. Please contact us to assist with preparing your response or to answer any queries.