The Australian Securities and Investments Commission (ASIC) is, in effect, outsourcing some of its daily supervision work to the private sector. Grant Holley of Holley Nethcote told Lawyers Weekly: 'ASIC has had more and more areas given to it to look after, but it's also had a lot of money pulled out of it so it's not as well-resourced as it could be. The effect of that is it's expecting gatekeepers in the industry – such as lawyers and auditors – to do more.'
Supervision of changes
A common way for this to happen is through an enforceable undertaking (EU). An EU is set up when a bank or other institution agrees with ASIC to make certain changes and to be supervised in the transformation process. A consultant is then engaged to oversee the implementation of the changes - and the consultant is most often a lawyer or an accountant. Source: Lawyers Weekly
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