“While these reforms have been in the pipeline for some time, ASIC recognises they require significant changes to businesses systems and processes and take effect at the same time industry is facing other challenges, including from COVID-19 and renewed lockdowns. We (ASIC) recognise there will be a period of transition as the industry finalises implementation of additional compliance measures, and ASIC will take a reasonable approach in the early stages of these reforms provided that industry participants are using their best efforts to comply.”