Trisha Shetty

Australian Securities and Investments Commission

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Customer service  00 61 3 5177 3988
Headquarters  Sydney
Founded  1 July 1998
Number of employees  1,844
Australian Securities and Investments Commission downloadasicgovaumedia3038270asiclogopng
Formed  1 July 1998; 18 years ago (1998-07-01)
Preceding agencies  National Companies and Securities Commission Corporate Affairs offices in the states and territories
Dissolved  Australian Securities Commission
Jurisdiction  Commonwealth of Australia
Minister responsible  Scott Morrison MP, Treasurer of Australia
Statutory authority executives  Gregory Medcraft, Chairman Peter Kell, Deputy Chairman Cathy Armour, Commissioner John Price, Commissioner Gregory Tanzer, Commissioner
Parent organization  Department of the Treasury
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Australian securities and investments commission


The Australian Securities & Investments Commission (ASIC) is an independent Australian government body that acts as Australia's corporate regulator. ASIC's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope is determined pursuant to the Australian Securities and Investments Commission Act, 2001 (Cth).

Contents

ASIC is responsible for the administration of all or parts of the following legislation:

  • Corporations Act, 2001 (Cth)
  • Insurance Contracts Act, 1984 (Cth)
  • National Consumer Credit Protection Act, 2009 (Cth)
  • Australian securities and investments commission vs citigroup global market australia pty ltd no 4


    History

    ASIC was originally formed as the Australian Securities Commission (ASC), which came into being on 1 January 1991, in accordance with the (then) ASC Act 1989. The purpose of the ASC was to unify corporate regulators around Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices of the states and territories.

    The corporate regulator became the Australian Securities & Investments Commission (ASIC) on 1 July 1998, when it also became responsible for consumer protection in superannuation, insurance, deposit taking. It has since gained further responsibilities: in 2002 for credit, the Australian Stock Exchange in 2009, and Chi-X in 2011.

    Criticisms

    In 2012, ASIC called for powers to use data which other intelligence agencies have intercepted.

    In recent times ASIC has become the subject of criticism by consumers, consumer advocates and public officials over its inaction and inefficiencies in protecting consumers from large financial institutions.

    In 2015-2016 ASIC was subject to a failed class action claim of negligence by persons affected by the Storm Financial collapse for an alleged failure to take action, amounting to malfeasance. However, a single judge of the Federal Court of Australia struck out the statement of claim of the plaintiffs in the preliminary stage.

    ASIC has not acted against the Financial Ombudsman Service (Australia) (FOS) despite the organisation being exposed as having generated misleading file notes and then attempting to offer them in the discovery phase in a Victorian Supreme Court case. FOS were caught out and exposed by a consumer and ASIC has not acted against FOS.

    ASIC did commence proceedings against the largest four big banks in Australia in 2016 for rigging of Australian benchmark interest rates. However criticism has been leveled against he bank for failing to take action for over five years. Questions remain about how this will affect consumer civil causes of action against banks involved, given that the statute of limitations tends to be six years in Australia.

    ASIC has recently become subject of heavy criticism in the debate about whether a Royal Commission into banking and financial services is required.

    Areas of responsibility

    ASIC's areas of responsibility include:

  • corporate governance
  • financial services
  • securities and derivatives
  • insurance
  • consumer protection
  • financial literacy.
  • ASIC's consumer website www.moneysmart.gov.au was launched on 15 March 2011. MoneySmart replaced ASIC's two previous consumer websites, FIDO and Understanding Money. MoneySmart aims to help people make good financial decisions by providing free, independent and unbiased information, tools and resources.

    References

    Australian Securities and Investments Commission Wikipedia


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