As the DDO regime marks its 3rd birthday, it continues to present practical challenges, mainly across sectors such as superannuation, insurance, investment funds and credit providers.
ASIC's enforcement approach has expanded from intervening on and closely regulating TMDs to scrutinising the effectiveness of implementation and governance processes for product design and review. ASIC’s recent enforcement actions illustrate its increased focus on expansive supervision to encompass the actual implementation of DDO frameworks. This shift signifies a noteworthy transition towards outcomes-based regulation in the DDO space.
There have been 2 noteworthy judicial decisions on DDO to date, relating to the “reasonable steps” requirement and the “knowledge” triggers for reviewing TMDs. Both decisions demonstrate the wide reach of the DDO regime.
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