ASIC has finished monitoring Lionsgate Financial Group Pty Ltd (Lionsgate) following the placement of additional conditions on its Australian financial services licence in 2013 (refer: 13-042MR).
These conditions required the appointment of an independent expert to review all aspects of Lionsgate’s arrangements for compliance with its general licensee obligations. In addition, for a set period of time the expert also audited advice provided by Lionsgate’s representatives.
ASIC monitored the additional conditions via reports provided by the expert.
The expert made a number of recommendations to improve Lionsgate’s arrangements for compliance.
Following the implementation of these, a second independent expert was engaged to assess whether all the reforms were embedded in the business and were sustainable to ensure that Lionsgate remained compliant with its obligations.
The second expert reported that Lionsgate had demonstrated a commitment to implement appropriate arrangements for compliance and shown that these arrangements could continue to be developed internally. As a result, ASIC has concluded its monitoring of Lionsgate.
ASIC acknowledges the cooperation shown by Lionsgate to address ASIC’s concerns and respond to the recommendations made by the experts.
