The Australian Security And Investments Commission Essay

1940 WordsSep 8, 20168 Pages
The Australian Security and Investments Commission (ASIC), is an independent government body that acts as Australia’s corporate regulator. The organisation is responsible for regulating Australian companies, financial markets, financial services organisations, and professionals working in investment, superannuation, insurance, deposit taking, and credit . ASIC administers a number of laws, most notably the Australian Securities and Investments Commission Act and the Corporations Act , from which it derives the majority of its powers. According to the ASIC Act the organisation should strive to improve the performance of the financial system, promote the confident participation of investors and consumers within that system, and administers the laws that authorise its functions and powers effectively and with the least possible procedural requirements . However ASIC achieves only partial success in fulfilling its organisational goals, and thus only fulfils its role in society to a limited extent. For example, ASIC was slow and unproductive in handling allegations of fraud and incompetence amongst financial planning advisers working for the Commonwealth (CBA). Although ASIC was able to identify negligent parties, the processes of ASIC’s investigation were long-drawn-out and enforcement action did not adequately account for the scope of misconduct suggested by their investigation. Situations such as this indicate ASIC’s inability to work effectively as a corporate regulator.
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