Australian Securities and Investments Commission: Difference between revisions

Australian Securities and Investments Commission
Commission overview
Formed	1 July 1998
Preceding agencies	National Companies and Securities Commission; Corporate Affairs offices in the states and territories;
Dissolved	Australian Securities Commission
Jurisdiction	Australia
Headquarters	Sydney, New South Wales
Employees	1,656 (2018–19)
Minister responsible	Stephen Jones, Assistant Treasurer and Minister for Financial Services;
Commission executive	Joseph Longo, Chair;
Parent department	Treasury
Website	asic.gov.au

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The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce 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 are determined by the Australian Securities and Investments Commission Act 2001.

ASIC, which reports to the Treasurer, is responsible for the administering the following legislation:^[3]

Australian Securities and Investments Commission Act 2001 (ASIC Act)
Business Names Registration Act 2011
Corporations Act 2001 (Corporations Act)
Insurance Contracts Act 1984
National Consumer Credit Protection Act 2009 (National Credit Act)

Additionally, ASIC is also responsible for administering parts of the following legislation:^[3]

ASIC registers

ASIC maintains Australia's company and business name registers, which can be searched online. The types of organisations that can be searched online include companies, registered bodies, foreign companies, associations, managed investment schemes and non-registered entities.^[4] The information that is available includes current and/or historical information about the organisation, including past addresses, previous directors, and former names, as well as the organisation's unique identification number (ABN, ACN, ARBN, ARSN), type of company or organisation (e.g., proprietary company, limited by shares), date it was registered, the next review date, location of registered office (town or suburb only), and any professional licences or registrations (e.g. an Australian financial services licence or credit licence).

History

ASIC was originally formed as the Australian Securities Commission (ASC), established on 1 January 1991 by the (then) ASC Act 1989. The purpose of 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 and Investments Commission (ASIC) on 1 July 1998, when it also became responsible for consumer protection in superannuation, insurance and 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 had been intercepted by other intelligence agencies.^[5]

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.^[6]^[7]^[8]^[9]

In 2015–2016 ASIC was subject to a class action claim of negligence by persons affected by the Storm Financial collapse for an alleged failure to take action, amounting to malfeasance. However, Justice Gleeson of the Federal Court of Australia struck out the statement of claim of the plaintiffs as being unarguable.^[10]^[11]

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.^[12]

ASIC did commence proceedings against the largest four banks in Australia in 2016 for rigging of Australian benchmark interest rates. However criticism has been leveled against the regulator 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.

In 2016, ASIC became the subject of heavy criticism in the debate concerning the creation of a Royal Commission into banking and financial services.^[13]

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

^ Annual Report 2017–2018 (PDF), Australian Securities and Investments Commission, 2018, p. 168
^ "Overview of ASIC". Parliament of Australia. Retrieved 13 September 2019.
^ ^a ^b "Laws we administer". ASIC. Retrieved 9 February 2021.
^ ASIC Companies and organisations
^ David Ramli (27 September 2012). "ASIC calls for more phone-tapping powers". Australian Financial Review. Retrieved 16 October 2012.
^ "Submissions". www.aph.gov.au. Retrieved 14 January 2016.
^ "The impairment of customer loans". www.aph.gov.au. Retrieved 14 January 2016.
^ "Final Report". www.aph.gov.au. Retrieved 14 January 2016.
^ "Our banks are beyond the law". The Sydney Morning Herald. Retrieved 21 February 2016.
^ "Court throws out ASIC Storm claim". financialobserver.com.au. 12 February 2016. Retrieved 11 December 2017.
^ Lock v Australian Securities and Investments Commission [2016] FCA 31 (4 February 2016), Federal Court.
^ "The questions the Financial Ombudsman needs to answer". ABC News. 1 April 2016. Retrieved 11 June 2016.
^ "What is a royal commission and why does Labor want one?". ABC News. 8 April 2016. Retrieved 11 June 2016.

External links

Australian Securities and Investments Commission
MoneySmart – the consumer website of Australian Securities and Investments Commission

[1] Annual Report 2017–2018 (PDF), Australian Securities and Investments Commission, 2018, p. 168

[2] "Overview of ASIC". Parliament of Australia. Retrieved 13 September 2019.

[:0-3] "Laws we administer". ASIC. Retrieved 9 February 2021.

[4] ASIC Companies and organisations

[5] David Ramli (27 September 2012). "ASIC calls for more phone-tapping powers". Australian Financial Review. Retrieved 16 October 2012.

[6] "Submissions". www.aph.gov.au. Retrieved 14 January 2016.

[7] "The impairment of customer loans". www.aph.gov.au. Retrieved 14 January 2016.

[8] "Final Report". www.aph.gov.au. Retrieved 14 January 2016.

[9] "Our banks are beyond the law". The Sydney Morning Herald. Retrieved 21 February 2016.

[10] "Court throws out ASIC Storm claim". financialobserver.com.au. 12 February 2016. Retrieved 11 December 2017.

[11] Lock v Australian Securities and Investments Commission [2016] FCA 31 (4 February 2016), Federal Court.

[12] "The questions the Financial Ombudsman needs to answer". ABC News. 1 April 2016. Retrieved 11 June 2016.

[13] "What is a royal commission and why does Labor want one?". ABC News. 8 April 2016. Retrieved 11 June 2016.

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[3]

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[13]

@@ Line 1: / Line 1: @@
-{{short description|Corporate regulation agency of the Australian Government}}
+{{Short description|Corporate regulation agency of the Australian Government}}
 {{Use dmy dates|date=May 2014}}
 {{Use Australian English|date=May 2014}}
@@ Line 13: / Line 13: @@
 | jurisdiction = [[Australia]]
 | headquarters = [[Sydney]], [[New South Wales]]
-| employees = 1,656 (2018-19)<ref>{{citation|url=https://download.asic.gov.au/media/4922570/annual-report-2017-18-published-31-october-2018-full.pdf|page=168|title=Annual Report 2017-2018|date=2018|publisher=Australian Securities and Investments Commission}}</ref>
+| employees = 1,656 (2018–19)<ref>{{citation|url=https://download.asic.gov.au/media/4922570/annual-report-2017-18-published-31-october-2018-full.pdf|page=168|title=Annual Report 2017–2018|date=2018|publisher=Australian Securities and Investments Commission}}</ref>
-| minister1_name = [[Josh Frydenberg]]
+| minister1_name = [[Stephen Jones (Australian_politician)| Stephen Jones]]
-| minister1_pfo = [[Treasurer of Australia]]
+| minister1_pfo = Assistant Treasurer and Minister for Financial Services
-| chief1_name = James Shipton
+| chief1_name = Joseph Longo
 | chief1_position = Chair
 | parent_department = [[Department of the Treasury (Australia)|Treasury]]
@@ Line 22: / Line 22: @@
 }}
-The '''Australian Securities and Investments Commission''' ('''ASIC''') is an independent [[Australian government|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.<ref>{{cite web|url=https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Final_Report/c03 |title=Overview of ASIC|accessdate=13 September 2019|df=dmy|publisher=[[Parliament of Australia]]}}</ref> ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope is determined by the {{Cite Legislation AU|Cth|act|asaica2001529|Australian Securities and Investments Commission Act, 2001}}.
+The '''Australian Securities and Investments Commission''' ('''ASIC''') is an independent commission of the [[Australian Government]] tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors.<ref>{{cite web|url=https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Final_Report/c03 |title=Overview of ASIC|access-date=13 September 2019|df=dmy|publisher=[[Parliament of Australia]]}}</ref> ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the ''Australian Securities and Investments Commission Act 2001''.
-ASIC, which reports to the [[Treasurer of Australia|Treasurer]], is responsible for the administration of all or parts of the following legislation:<ref>{{cite web|work=ASIC|date=1 February 2005|url=http://www.asic.gov.au/asic/ASIC.NSF/byheadline/The+laws+ASIC+administers |title=The laws ASIC administers|accessdate=16 April 2005}}</ref>
+ASIC, which reports to the [[Treasurer of Australia|Treasurer]], is responsible for the administering the following legislation:<ref name=":0">{{cite web |date= |title=Laws we administer |url=https://asic.gov.au/about-asic/what-we-do/laws-we-administer/ |access-date=9 February 2021 |work=ASIC}}</ref>
-* [[Corporations Act 2001]] (Cth)
+* ''[[Australian Securities and Investments Commission Act 2001]]'' (ASIC Act)
+* ''[[Business Names Registration Act 2011]]''
-* {{Cite Legislation AU|Cth|act|ica1984|Insurance Contracts Act, 1984}}
+* ''[[Corporations Act 2001]]'' (Corporations Act)
-* {{Cite Legislation AU|Cth|act|nccpa1984|National Consumer Credit Protection Act, 2009}}
+* ''[[Insurance Contracts Act 1984]]''
+* ''[[National Consumer Credit Protection Act 2009]]'' (National Credit Act)
+Additionally, ASIC is also responsible for administering parts of the following legislation:<ref name=":0" />
+* ''[[Banking Act 1959]]''
+* ''[[Life Insurance Act 1995]]''
+* ''[[Medical Indemnity (Prudential Supervision and Product Standards) Act 2003]]''
+* ''[[Retirement Savings Accounts Act 1997]]''
+* ''[[Superannuation (Resolution of Complaints) Act 1993]]''
+* ''[[Superannuation Industry (Supervision) Act 1993]]'' (SIS Act).
 ==ASIC registers==
@@ Line 35: / Line 44: @@
 ASIC was originally formed as the '''Australian Securities Commission''' (ASC), established on 1 January 1991 by the (then) ASC Act 1989. The purpose of 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 and deposit taking. It has since gained further responsibilities: in 2002 for credit, the [[Australian Stock Exchange]] in 2009, and Chi-X in 2011.
+The corporate regulator became the Australian Securities and Investments Commission (ASIC) on 1 July 1998, when it also became responsible for [[consumer protection]] in superannuation, insurance and deposit taking. It has since gained further responsibilities: in 2002 for credit, the [[Australian Stock Exchange]] in 2009, and Chi-X in 2011.
 ==Criticisms==
 {{Update||June 2019|date=June 2019}}
-In 2012, ASIC called for powers to use data which had been intercepted by other intelligence agencies.<ref>{{cite news |title=ASIC calls for more phone-tapping powers |author=David Ramli |url=http://afr.com/p/national/asic_calls_for_more_phone_tapping_FWkyzBzlX7xKxYrQqZprHP |newspaper=Australian Financial Review |date=27 September 2012 |accessdate=16 October 2012}}</ref>
+In 2012, ASIC called for powers to use data which had been intercepted by other intelligence agencies.<ref>{{cite news |title=ASIC calls for more phone-tapping powers |author=David Ramli |url=http://afr.com/p/national/asic_calls_for_more_phone_tapping_FWkyzBzlX7xKxYrQqZprHP |newspaper=Australian Financial Review |date=27 September 2012 |access-date=16 October 2012}}</ref>
 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.<ref>{{Cite web|title = Submissions |url=http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Scrutiny_of_Financial_Advice/Submissions |website=www.aph.gov.au |access-date=14 January 2016}}</ref><ref>{{Cite web|title = The impairment of customer loans|url = http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/customer_loans|website = www.aph.gov.au |access-date=14 January 2016}}</ref><ref>{{Cite web |title=Final Report |url=http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Final_Report/index|website=www.aph.gov.au |access-date=14 January 2016}}</ref><ref>{{Cite web |title=Our banks are beyond the law |url=http://www.smh.com.au/business/comment-and-analysis/our-banks-are-beyond-the-law-20160218-gmxzwv.html |website=The Sydney Morning Herald|access-date = 2016-02-21}}</ref>
-In 2015-2016 ASIC was subject to a class action claim of negligence by persons affected by the [[Storm Financial]] collapse for an alleged failure to take action, amounting to malfeasance. However, [[Jacqueline Gleeson|Justice Gleeson]] of the [[Federal Court of Australia]] struck out the statement of claim of the plaintiffs as being unarguable.<ref>{{cite news |url=http://www.financialobserver.com.au/articles/court-throws-out-asic-storm-claim |title=Court throws out ASIC Storm claim |website=financialobserver.com.au |date=12 February 2016 |access-date=11 December 2017}}</ref><ref>{{cite AustLII|FCA|31|2016|litigants=Lock v Australian Securities and Investments Commission  |courtname=[[Federal Court of Australia|Federal Court]] |date=4 February 2016}}.</ref>
+In 2015–2016 ASIC was subject to a class action claim of negligence by persons affected by the [[Storm Financial]] collapse for an alleged failure to take action, amounting to malfeasance. However, [[Jacqueline Gleeson|Justice Gleeson]] of the [[Federal Court of Australia]] struck out the statement of claim of the plaintiffs as being unarguable.<ref>{{cite news |url=http://www.financialobserver.com.au/articles/court-throws-out-asic-storm-claim |title=Court throws out ASIC Storm claim |website=financialobserver.com.au |date=12 February 2016 |access-date=11 December 2017}}</ref><ref>{{cite AustLII|FCA|31|2016|litigants=Lock v Australian Securities and Investments Commission  |courtname=[[Federal Court of Australia|Federal Court]] |date=4 February 2016}}.</ref>
 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.<ref>{{Cite web|url=http://www.abc.net.au/news/2016-04-01/long-the-questions-the-financial-ombudsman-needs-to-answer/7292044|title=The questions the Financial Ombudsman needs to answer|date=2016-04-01|website=ABC News|language=en-AU|access-date=2016-06-11}}</ref>
@@ Line 49: / Line 58: @@
 ASIC did commence proceedings against the largest four banks in Australia in 2016 for rigging of Australian benchmark interest rates. However criticism has been leveled against the regulator 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.<ref>{{Cite web|url=http://www.abc.net.au/news/2016-04-08/what-is-a-royal-commission-and-why-does-labor-want-one/7312216|title=What is a royal commission and why does Labor want one?|date=2016-04-08|website=ABC News|language=en-AU|access-date=2016-06-11}}</ref>
+In 2016, ASIC became the subject of heavy criticism in the debate concerning the creation of a Royal Commission into banking and financial services.<ref>{{Cite web|url=http://www.abc.net.au/news/2016-04-08/what-is-a-royal-commission-and-why-does-labor-want-one/7312216|title=What is a royal commission and why does Labor want one?|date=2016-04-08|website=ABC News|language=en-AU|access-date=2016-06-11}}</ref>
 ==Areas of responsibility==
@@ Line 66: / Line 75: @@
 * ''[[ASIC v Kobelt]]''
 * ''[[Australian Securities and Investments Commission v Rich|ASIC v Rich]]''
+* [[Australian Registered Scheme Number]]
 '''Australian finance:'''
@@ Line 71: / Line 81: @@
 * [[Australian Accounting Standards Board]]
 * [[Australian Prudential Regulation Authority]]
-* [[Australian Registered Scheme Number]]
 * [[Australian Takeovers Panel]]
 * [[Financial Ombudsman Service (Australia)]]
@@ Line 78: / Line 87: @@
 '''General:'''
 * [[Economy of Australia]]
-* [[Securities Commission]]
+* [[Securities commission]]
-* [[List of financial regulatory authorities by country|List of financial regulatory authorities]]
+* [[List of financial regulatory authorities by jurisdiction]]
 * [[List of company registers]]
 ==References==
-{{reflist|30em}}
+{{Reflist|30em}}
 ==External links==
-* [http://www.asic.gov.au/ Australian Securities & Investments Commission]
+* [https://asic.gov.au/ Australian Securities and Investments Commission]
-* [http://www.moneysmart.gov.au/ MoneySmart] - the consumer website of Australian Securities & Investments Commission
+* [http://www.moneysmart.gov.au/ MoneySmart] – the consumer website of Australian Securities and Investments Commission
 {{Law enforcement in Australia}}
 {{Business in Australia}}
+{{Authority control}}
-{{DEFAULTSORT:Australian Securities And Investments Commission}}
+[[Category:Australian Securities and Investments Commission|*]]
+[[Category:Government agencies established in 1998]]
+[[Category:1998 establishments in Australia]]
 [[Category:Securities and exchange commissions]]
 [[Category:Federal law enforcement agencies of Australia|Securities]]
-[[Category:Commonwealth Government agencies of Australia]]
 [[Category:Australian Securities Exchange]]
 [[Category:Corporate governance in Australia]]
 [[Category:Financial regulatory authorities of Australia]]
+{{DEFAULTSORT:Australian Securities and Investments Commission}}

v t e Law enforcement in Australia
Police agencies	Australian Capital Territory Policing New South Wales Police Force Northern Territory Police Force Queensland Police Service South Australia Police Tasmania Police Victoria Police Western Australia Police Force
Federal agencies	Australian Federal Police Australian Border Force Maritime Border Command National Anti-Corruption Commission Australian Communications and Media Authority Australian Criminal Intelligence Commission Australian Competition & Consumer Commission Australian Fisheries Management Authority Australian Maritime Safety Authority Australian Prudential Regulation Authority Australian Securities & Investments Commission Australian Security Intelligence Organisation Australian Taxation Office Australian Transaction Reports and Analysis Centre (AUSTRAC) Commonwealth Ombudsman
State and Territory authorities	Australian Capital Territory: ACT Integrity Commission New South Wales: Independent Commission Against Corruption New South Wales Crime Commission Law Enforcement Conduct Commission Northern Territory: Independent Commissioner Against Corruption Queensland: Crime and Corruption Commission South Australia: Independent Commission Against Corruption Tasmania: Integrity Commission Victoria: Independent Broad-based Anti-corruption Commission (IBAC) Western Australia: Corruption and Crime Commission Gold Stealing Detection Unit
Military agencies	Australian Defence Force Investigative Service Joint Military Police Unit Royal Australian Corps of Military Police Royal Australian Air Force Airfield Defence Guards
Defunct agencies	Australian Quarantine and Inspection Service Australian Customs Service Australian Customs and Border Protection Service Australian Crime Commission National Crime Authority Australian Commission for Law Enforcement Integrity Office of Police Integrity (Victoria) Police Integrity Commission (NSW) Commonwealth Police CrimTrac
Topics	Australian police ranks Crime in Australia Punishment in Australia Terrorism in Australia Mass surveillance in Australia Police tactical units in Australia Reasonable and probable grounds

v t e Business institutions, stock exchanges, and associations in Australia
Institutions	Australian Competition & Consumer Commission Australian corporate law Australian Prudential Regulation Authority Australian Securities & Investments Commission Australian Takeovers Panel Constitution of Australia, 1901 (Cth) corporations power Economy of Australia
Stock exchanges	Australian Securities Exchange National Stock Exchange of Australia Sydney Stock Exchange
Business associations	Australian Chamber of Commerce & Industry Australian Hotels Association Australian Industry Group Business Council of Australia Minerals Council of Australia National Farmers' Federation
Corporate controversies and collapses	Adelaide Steamship Company Ansett BBY Bridgecorp Holdings Camperdown Dairy International Dick Smith Holdings Firepower International Forum Group Great Southern Group James Hardie asbestos controversy George Calombaris and his self-owned restaurants HIH Insurance King Brothers Masters Home Improvement Network 10 Opes Prime Pasminco Poseidon bubble Price fixing in the packaging industry Offset Alpine fire One.Tel Qintex Storm Financial Teachers' Credit Society Timbercorp Virgin Australia Holdings WA Inc Wayne Mansfield Westpoint

Authority control databases
International	ISNI VIAF
National	United States