The Australian Securities and Investments Commission (ASIC) is the corporate regulator in Australia. ASIC's role is to enforce and regulate company and financial services laws to protect consumers, investors and creditors. ASIC is also responsible for maintaining and improving the integrity of the financial markets.
ASIC was established on 1 July 1998 by the Australian Securities and Investments Commission Act 1998 (ASIC Act). Prior to this, ASIC was part of the Australian Consumer and Competition Commission (ACCC).
What is the purpose and role of the Australian Securities and Investment Commission ASIC )? The Australian Securities and Investment Commission (ASIC) is an independent statutory body that regulates financial services and markets in Australia. ASIC's role is to enforce and regulate company and financial services laws to protect consumers, investors and creditors; to maintain, facilitate and improve the performance of the financial services industry; and to contribute to the development of the law. ASIC is also the regulator of the Australian stock market.
ASIC was established in 1998 by the Australian Securities and Investments Commission Act 1998 (ASIC Act). The ASIC Act sets out ASIC's functions and powers, which are derived from a range of legislation, including the Corporations Act 2001, the Insurance Contracts Act 1984, the National Consumer Credit Protection Act 2009 and the Superannuation Industry (Supervision) Act 1993.
ASIC's primary role is to regulate companies and financial services in the interests of investors and consumers. ASIC also advises the Australian Government on financial services policy and law reform, and works with other agencies to protect the integrity of the financial system.
What is Australian Securities Investment Commission? The Australian Securities Investment Commission (ASIC) is the primary regulator of the securities and investment industries in Australia. ASIC's role is to enforce and regulate company and financial services laws to protect consumers, investors and creditors. ASIC is also responsible for administering the Corporations Act 2001. Who runs ASIC? The Australian Securities and Investments Commission (ASIC) is an independent Commonwealth government body that regulates and enforces laws relating to securities and investments in Australia. ASIC is the regulator of the financial services industry, including banks, credit unions, insurance companies, superannuation funds, and market participants such as stockbrokers and financial planners.
ASIC's role is to ensure that these industries operate fairly and honestly, with the best interests of consumers and investors being paramount. ASIC has a range of powers it can use to enforce the law, including:
-licensing and registration
-disclosure of information
-consumer protection
-investigations and enforcement
ASIC is headed by a Commissioner, who is appointed by the Governor-General on the advice of the Federal Executive Council. The Commissioner is supported by a Senior Management Team, which is responsible for the day-to-day running of the Commission.
Who is ASIC accountable to?
ASIC is accountable to the Parliament of Australia, through the Minister for Financial Services and Regulation. ASIC reports to the Minister and is also subject to scrutiny by the Parliamentary Joint Committee on Corporations and Financial Services, the Senate Economics References Committee and the House of Representatives Standing Committee on Economics, Finance and Public Administration. What powers does ASIC have? ASIC is an independent Commonwealth government body that is the regulator for the financial services industry in Australia. ASIC's role is to enforce and regulate company and financial services laws to protect consumers, investors and creditors; maintain, facilitate and improve the performance of the financial services industry; and promote confidence in the financial services industry. ASIC performs these roles in accordance with the ASIC Act 2001 (Cth) and other legislation.
ASIC is empowered to take a range of enforcement actions if it believes that a person has contravened a financial services law. These enforcement actions include:
- Issuing infringement notices
- Accepting enforceable undertakings
- Commencing civil proceedings
- Applying to a court for a restraining order or an injunction
- Applying to a court for a pecuniary penalty order
- Cancelling or suspending licences
- Banning a person from managing corporations
- Accepting voluntary bans
- Making orders for the winding up of companies
- Making orders for the appointment of a receiver or manager
- Making orders for the appointment of an administrator
- prohibiting a person from providing financial services.