The Australian Securities and Investments Commission (ASIC) thinks the Financial Services Reform Act (FSRA) has been appropriately amended where there were grey areas. But it will continue to “interact with industry groups” after the FSRA’s March 11 deadline, saying it wants to “identify and where possible, give further guidance and appropriate relief”. In other words, there will be some more adjustments if it’s judged necessary.

The regulator says it has appropriately amended any grey areas of the legislation that were brought to its attention, and as a result continues to receive positive feedback about its implementation of the new regime.

But Acting Chairman Jeffrey Lucy doesn’t rule out future tweaking of the Act. “As with any major law reform, issues may continue to be identified which need to be addressed by ASIC.”