The corporate watchdog says it was only informed it would be policing class action funders the day before the new policy was announced.
The corporate watchdog says it was not consulted with about its new role regulating class action funders and only found out about the new rules the day before they were announced by Treasurer Josh Frydenberg.
Mr Frydenberg said requiring funders to hold a licence was a significant step towards transparency and accountability. The Office of Best Practice Regulation, run out of the Department of the Prime Minister and Cabinet, said the aim of regulation was to bring greater transparency but the process for establishing the regime was "insufficient".
"We question whether licencing by ASIC is an effective mechanism to address regulatory risks perceived to be associated with litigation funders, particularly the risk that a litigation funder has adequate resources to meet an adverse costs order," ASIC said in its submission.
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