Australian Securities & Investments Commission

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Australian Securities and Investments Commission
ASICLogo.gif
Founded 1989
Headquarters Victoria, Australia
Key People Tony D'Aloisio, Chairman
Employees 1,600
Products Corporate, markets and financial services regulator
Website www.asic.gov.au

The Australian Securities & Investments Commission (ASIC) [1] is Australia’s corporate, markets and financial services regulator. ASIC is an independent Commonwealth Government body, set up under and administered by the Australian Securities and Investments Commission Act (ASIC Act).

ASIC's mandate is to ensure that Australia’s financial markets are fair and transparent, and supported by confident and informed investors and consumers.

History

Established by the ASIC Act 1989, the organization began operating on Jan. 1, 1991 as the Australian Securities Commission, replacing the National Companies and Securities Commission and the Corporate Affairs offices of the states and territories.

On July 1, 1998, ASIC became responsible for consumer protection in superannuation, insurance, deposit taking and, from 2002, credit.

The ASIC Act of 2001 requires that the Commission uphold the law uniformly, effectively and quickly, promote confident and informed participation by investors and consumers in the financial system, make information about companies and other bodies available to the public, and improve the performance of the financial system and the entities within it.[2]

Products and Services

As the corporate regulator, ASIC is responsible for ensuring that company directors and officers carry out their duties honestly, diligently and in the best interests of their company.

As the markets regulator, ASIC assesses how effectively authorized financial markets are complying with their legal obligations to operate fair, orderly and transparent markets and advises the Minister about authorizing new markets.

As the financial services regulator, ASIC licenses and monitors financial services businesses to ensure that they operate efficiently, honestly and fairly. These businesses typically deal in superannuation, managed funds, shares and company securities, derivatives, and insurance.

Key People

Latest news

The Australian government recently transferred the power to regulate real-time market trading from the Australian Stock Exchange to ASIC, removing what some politicians had called a "conflict of interest" in having the ASX regulate its own trading activity. The decision sets up the possibility that a second securities exchange could be launched in Australia to compete with the ASX, Bloomberg reported.[4]

References

  1. Our Role. Australian Securities and Investments Commission.
  2. Australian Securities and Investments Commission Act 2001. Commonwealth of Australia Law.
  3. Prominent Alumni. Monash University.
  4. Australia Approves Plan to Transfer Some ASX Powers. Bloomberg.
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