March 23, 2020 / 1:57 AM / 14 days ago

Australia market watchdog suspends non-critical regulatory activities

SYDNEY, March 23 (Reuters) - Australia’s markets watchdog said on Monday it would suspend its enhanced on-site supervisory work and other activities that are not “time-critical” as it focuses on the challenges from the coronavirus pandemic.

The Australian Securities & Investments Commission (ASIC) said it was “committed to working constructively and pragmatically” with the firms it regulated, and was “mindful they may encounter difficulties in complying with their regulatory obligations due to the impact of COVID-19.”

In a separate statement, prudential regulator APRA said it had suspended the majority of its planned policy and supervision initiatives in response to the rapidly spreading infectious disease.

Reporting by Swati Pandey; Editing by Kim Coghill

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