2013年2月20日星期三

Ray recommends businesses undertake a triage

A seemingly endless stream of enforced undertakings, cancelled licenses and investigation from the regulator has raised questions about the best way to respond to scrutiny.We currently have the largest selection of make your own bobblehead dolls!

Dr Hillary Ray,The Power monitor hardware and Power Tool software provide a robust power measurement solution for Windows Mobile powered devices. senior lawyer at The Fold says that businesses shouldn't underestimate how helpful the regulator can be if approached the right way.

"The first thing businesses need to do when served with a notice, is to keep calm and not panic," she said.

"A smarter strategy may be to put themselves in ASIC's shoes and work with them to resolve the issue."

Ray recommends businesses undertake a triage and look at the conduct or product that is causing an issue.

"It may be something that can be remedied relatively easily, for example by putting together a robust compliance plan that includes communicating with clients."

If the business needs legal advice, Ray says a commercial lawyer - not a litigator - is best brought in to act as a second pair of eyes during the review process.

"Litigators can be quite aggressive and adversarial and may not be well-suited to meeting with the regulator if they are not trying to resolve the issues, but want to fight on.

"Commercial lawyers, on the other hand, seek common ground upon which to forge a deal that both parties can live with. This style is better-suited for a frank discussion with the regulator."

Hillary also recommends businesses report any potential regulatory issues to ASIC themselves, before they become a wider problem.

"ASIC does not expect every business to exist without a breach, however, they like proactive stakeholders who deal with breaches as manageable occurrences," she said. "If in doubt, report it!"

The Fold recently released When to Hold and When to Fold, a White Paper designed to help financial services businesses on the receiving end of an ASIC notice.



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