Elements and Performance Criteria
- Identify legislation, regulations and codes of practice relevant to the practice
- Establish and document procedures for compliance of the practice with relevant legislation, regulations and codes of practice
- Key stakeholders are identified and consulted with regard to issues and proposed procedures and guidelines
- Compliance issues and procedures are incorporated into the practice guidelines and appropriately documented
- Sources of information and advice on legislative and regulatory requirements are identified and documented
- Procedures for ensuring currency of information within the practice on its legislative and regulatory requirements and codes of practice are established and documented
- Ethical procedures and standards for the interpretation of legislation, regulations and codes of practice are established and incorporated into the practice guidelines
- Procedures for monitoring compliance with legislation, regulations and codes of practice within the practice and for outsourced third party providers are established
- Establish risk management procedures for compliance with legislation and regulations
- A structured and systematic risk management process, which takes into account the practice obligations under the Corporations Act, is established and documented
- Risks of non-compliance are identified and documented
- Measures to avoid non-compliance and steps to be taken in the event of breaches of obligations are established, documented and communicated to staff
- Measures are consistent with ASIC regulations for licensees and authorised representatives
- Identify and establish appropriate resources for ensuring the practice can meet its legislative and regulatory requirements
- Appropriate levels of financial, technological and human resources are identified to meet the practice's legislative and regulatory requirements
- Training and assessment procedures are implemented to ensure employees have the skills needed to comply with legislative and regulatory requirements
- Clear decision making procedures on legislative and regulatory issues are established including identification to employees of licensees, authorised representatives, directors and other staff carrying legislative and regulatory responsibilities
- Information technology systems and other technological resources are established and maintained to the level necessary to enable compliance with legislative and regulatory requirements
- Budgets, requisition procedures, and other internal financial systems clearly identify support for legislative and regulatory functions