The Australian Securities and Investments Commission (ASIC) has implemented measures to maintain its operations and the integrity of Australia’s financial system during the COVID-19 outbreak.
ASIC said it was working to support and protect its staff during the health crisis while liaising with other Council of Financial Regulators agencies to monitor financial markets.
“As part of the Australian Government’s response to the novel coronavirus (COVID-19), the ASIC is working to maintain the integrity and stability of Australia’s financial system,” ASIC said.
The Council of Financial Regulators – the coordinating body for Australia’s main financial regulatory agencies: ASIC, the Australian Prudential Regulation Authority (APRA), the Australian Treasury and the Reserve Bank of Australia (RBA) – said Australia’s financial system was resilient and well-placed to deal with the effects of COVID-19.
“The banking system is well capitalised and is in a strong liquidity position,” the Council said.
“Substantial financial buffers are available to be drawn down if required to support the economy.”
ASIC said its regulatory and enforcement work would continue during the health crisis.
“ASIC has implemented measures to maintain operations and support and protect staff during this time,” it said.
“This includes implementing stringent hygiene and cleaning protocols, social distancing and flexible working arrangements.”
