Regulatory Guide 183 Approval of financial services sector codes of conduct [formerly PS 183] sets out how ASIC will approve codes in accordance with s1101A of the Corporations Act 2001. This is a statutory power to approve voluntary industry codes of conduct.
ASIC does not have the power to mandate industry codes. Industry must decide in the first instance whether to develop a code, and then whether to have that code approved by ASIC.
Regulatory Guide 183 describes the key features of an effective codes regime that can apply to both large and small sections of the financial services industry. The policy further sets out the process by which ASIC will exercise its approvals power.
Until 2003 we were also responsible for monitoring industry compliance with the Code of Banking Practice. The 2002-03 compliance monitoring report was the last report that ASIC provided on the Code of Banking Practice. The terms of the revised Code of Banking Practice, which were released on 1 August 2003, provide for the establishment of an independent committee, responsible for monitoring and ensuring compliance with the Code in the future.
We have also previously monitored compliance with the building society and credit union codes.
