Submission – ASIC Proposed update to RG 181 Licensing: Managing conflicts of interest

The Super Members Council (SMC) supports member-focused improvements to ASIC’s conflicts management framework. The updated guidance RG 181 uses straightforward language focused on concrete requirements and expectations. Clearer and more practical guidance promotes effective management of conflicts of interest, which directly benefits members. Illustrative examples help to clarify the regulator’s understanding of conflicts, and this leadership assists funds to further refine conflicts identification, assessment, disclosure, and ultimately management and avoidance.

SMC welcomes the guidance as a significant regulatory milestone that incorporates legal and market changes over the past two decades. SMC makes three key recommendations in this submission.