Demystifying Conduct Regulation and Supervision webinar series: first instalment

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24 February 2022 | 10.30am - 11.30am | Ashurst

Associate Member, Ashurst will deliver a six-part webinar series over 2022 to help members better understand Australia’s financial markets conduct regulator, ASIC. The series ‘Understanding the Conduct Regulator’ will explore the regulator's toolkit in the current environment including enforcement and supervision. The series will also give focus to the emerging themes and key regulatory reforms across financial services such as the regulation of digital assets and the incoming Financial Accountability Regime.

In the first instalment ‘Demystifying Conduct Regulation and Supervision’, Liz Hristoforidis, Director, Regulatory Insights and Engagement at Ashurst Risk Advisory, discussed how ASIC sets its priorities, what those priorities are, and most importantly, how they might affect members and credit licensees.

Watch the first installment on-demand to hear how evidenced-based oversight frameworks can be set up to help institutions identify and resolve systemic issues proactively with ASIC and in a way that is aligned with community and stakeholder expectations. As ASIC is seeking to identify problems earlier and to address them more quickly, Liz explores how ASIC seeks to balance the competing interests of its stakeholders in the execution of its role and in the context of ASIC's:

• focus on how non-financial risk is, and ought to be, managed as a core aspect of conduct regulation and supervision
• use of the broad suite of tools available to it, to both promote positive behavioural change for better consumer and investor outcomes, and to deter misconduct
• emphasis on a data-driven approach using data derived from the new breach reporting regime, as well as complaints and product design and distribution data
• heightened focus on the accountability of Board directors and executives.

Liz Hristoforidis is a regulatory expert with extensive experience over two decades at ASIC, where she worked in almost all of its domains—from licensing to policy development, supervision to enforcement, and strategic planning and performance reporting to regulatory transformation. Before joining Ashurst's Risk Advisory Practice in July 2021, Liz helped establish ASIC's institutional supervision approach, and led the supervisory teams responsible for the 'close and continuous monitoring' of two of the Big 4 banks and another major institution.