Chapter 4Australian Securities and Investments Commission
Statutory requirements
4.1ASIC is an independent Commonwealth government body operating under the ASIC Act to administer the Corporations Act 2001 (Corporations Act). However, for the purposes of the finance law (within the meaning of the PGPA Act), ASIC is taken to be a non-corporate Commonwealth entity.
4.2The annual reporting requirements of the Australian Security and Investments Commission (ASIC) arise out of:
the Australian Securities and Investments Commission Act 2001 (ASIC Act) and the Australian Securities and Investments Commission Regulations 2001 (ASIC Regulations);
the Corporations Agreement; and
the Public Governance, Performance and Accountability Act 2013 (PGPA Act) and the Public Governance, Performance and Accountability Rule 2014 (PGPA Rule).
4.3These requirements are set out in Tables 4.1 and 4.2 below, along with references to where those requirements have been complied with in the annual report.
Table 4.1ASIC's annual reporting requirements
Paragraph/ subsection/ section | Reporting requirements | 2021-22 annual report |
ASIC Act, s136(1)(a) | Exercise of ASIC’s powers under Part 15 of the Retirement Savings Accounts 1997 and under Part 29 of the Superannuation Industry (Supervision) Act 1993 | 239 |
ASIC Act, s136(1)(b) | ASIC’s monitoring and promotion of market integrity and consumer protection in relation to the Australian financial system and the provision of financial services | 67-102 |
ASIC Act, s136(1)(c) | ASIC’s activities in accordance with each agreement or arrangement entered into by ASIC under subsection 11(14) of the ASIC Act. | 239 |
ASIC Act, s136(1)(ca) | Information about the activities that ASIC has undertaken during the period in exercise of its powers, and performance of its functions, under Chapter 5 of, or Schedule 2 to, the Corporations Act and any provisions of that Act that relate to that Chapter or Schedule. | 29-33 |
ASIC Act, s136(1)(cb) | Information about any instances during the period where ASIC failed to consult as required by section 1023F of the Corporations Act or section 301F of the National Consumer Credit Protection Act 2009. | 95-100 |
ASIC Act, s136(1)(d) | The operation of the Business Names Registration Act 2011, including details of the level of access to the Business Name Register using the internet and other facilities, the timeliness with which ASIC carries out its duties, functions and powers under the Act, and the cost of registration of a business name under the Act. | 217-218 |
ASIC Act, s136(1)(da) | Information, for the relevant period, about the activities undertaken by each Financial Services and Credit Panel during the period, any exams administered by ASIC under ss921B(3) of the Corporations Act, any warnings given by ASIC under s912S of the Corporations Act, any decisions by ASIC not to follow a recommendation under ss921Q(1) of the Corporations Act. | 217-218 |
ASIC Act, s136(1)(e); ASIC Regulations, reg 8AAA(1) | The number of times ASIC used an information-gathering power, the provision of the Corporations Act, the ASIC Act, or another law that conferred the power, and the number of times in the previous financial year ASIC used the power. | 241-244 |
Corporations Agreement, s603(3) | ASIC’s regional administration in referring states and the Northern Territory, including a statement on our performance against service-level performance indicators during the relevant period. | 34-36 |
Corporations Agreements, s604(4) | A report on the activities of each state and Northern Territory Regional Liaison Committee maintained by the Regional Commissioners. | 104–105 |
PGPA Act, s42(3) | A report on the activities of each state and Northern Territory Regional Liaison Committee maintained by the Regional Commissioners. | 145 |
ASIC Act, s136(4) | Provide a copy of the annual report to the Attorney-General of each state and territory | Complied with on 18 October 2022 |
Table 4.2ASIC's additional compliance reporting requirements
Requirement source | Reporting requirements | 2021-22 annual report |
Senate Economics References Committee inquiry into the performance of ASIC, Recommendation 4 | A report on the work of the financial services and consumer credit external dispute resolution schemes, and ASIC’s assessment of the systemic and significant issues the schemes have raised in their reports to ASIC, including information on any action taken in response to the matters raised in these reports. | 253 - 254 |
Senate Economics References Committee inquiry into the performance of ASIC, Recommendation 27 | Commentary on ASIC’s activities related to monitoring compliance with court enforceable undertakings, and on how court enforceable undertakings have led to improved compliance with the law | 44 |
Committee view
4.4The committee considers ASIC has fulfilled its annual reporting responsibilities during the 2021–22 financial year.
Senator Deborah O'Neill
Chair
Labor Senator for New South Wales