Government to Review ASIC Capabilities

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The Federal Government has commissioned a review to ensure the Australian Securities and Investments Commission has the capabilities to meet its current and future regulatory obligations.

Assistant Treasurer, Josh Frydenberg, announced the review last week, saying the regulator played an important role in ensuring consumer confidence in Australia’s financial system. He said the review would consider how ASIC uses its current resources and powers to deliver its statutory objectives, and assess ASIC’s ability to perform as a capable and transparent regulator.

The review forms part of the Government’s response to the Financial System Inquiry, which recommended periodic reviews of the capabilities of financial regulators. Mr Frydenberg said the review will also provide information to assist the Government in its consideration of the FSI recommendation to fund ASIC’s regulatory activities through a user-pays model.

As part of the review, consultation will occur with private sector businesses regulated by ASIC, other peak bodies, regional and consumer representatives and other stakeholders.

To undertake the review, the Assistant Treasurer has appointed an expert panel comprising Mark Gray, who has held Chief Executive positions with the Queensland Treasury and the Queensland Competition Authority, QC David Galbally, and the Productivity Commissions’s Karen Chester, who will chair the panel.

A final report is due to the Government by the end of 2015.



1 COMMENT

  1. About time – you can have all the regulation in the world but its totally pointless if the regulator doesn’t actually act on it and hold those who breach the regulations to account.

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