Australian Securities and Investments Commission

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Australian Securities and Investments Commission
ASIC logo.JPG
Statutory authority overview
Formed 1 July 1998 (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
Headquarters Melbourne, Victoria
Employees 2,017 (As of April 2013)[1]
Minister responsible Joe Hockey MP,
Treasurer of Australia
Statutory authority executives Greg Medcalf,
Chairman
John Price, Deputy Chairman
Cathy Armour, Commissioner
John Price, Commissioner
Greg Tanzer, Commissioner
Key document Australian Securities and Investments Commission Act, 2001 (Cth)
Website www.asic.gov.au

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.[2] 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).

ASIC is responsible for the administration of all or parts of the following legislation:[3]

History[edit]

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.

In 2012, ASIC called for powers to use data which other intelligence agencies have intercepted.[4]

Areas of responsibility[edit]

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.

See also[edit]

References[edit]

  1. ^ Australian Public Service Commission (2 December 2013), State of the Service Report: State of the Service Series 2012-13 (PDF), Australian Public Service Commission, p. 253, archived from the original on 6 December 2013 
  2. ^ "ASIC at a glance". ASIC. 11 April 2005. Retrieved 16 April 2005. 
  3. ^ "The laws ASIC administers". ASIC. 1 February 2005. Retrieved 16 April 2005. 
  4. ^ David Ramli (27 September 2012). "ASIC calls for more phone-tapping powers". Australian Financial Review. Retrieved 16 October 2012. 

External links[edit]