INTRODUCTION

REPORT ON THE ANNUAL REPORTS OF THE AUSTRALIAN SECURITIES COMMISSION
AND OTHER BODIES: 1994-1995
Table of Contents

INTRODUCTION

1.1 The Australian Securities Commission Act 1989 (the Act) forms part of the national framework for the regulation of companies and securities markets in Australia.

1.2 Among the administrative bodies established under the Act are the Australian Securities Commission (the ASC), the Companies and Securities Advisory Committee (CASAC), the Corporations and Securities Panel (the Panel), the Companies Auditors and Liquidators Disciplinary Board (the Disciplinary Board) and the Australian Accounting Standards Board (AASB). [1] The Act requires annual reports from the ASC, CASAC, the Panel, the Disciplinary Board and the AASB to be tabled in both houses of the Federal Parliament. [2]

1.3 The Act also establishes the Parliamentary Joint Committee on Corporations and Securities (the Committee). In overseeing the operation of the national scheme, the Committee is responsible for examining the annual reports of the bodies established under the Act. Section 243(b) of the Act states that the Committee's duties in this regard are:

1.4 The Committee has examined the annual reports for the year 1994-95 of each of the bodies listed above. The Committee also held public hearings with the ASC on 6 February and 29 March 1995, and with CASAC on 30 March 1995. These hearings focussed on the regulation of derivatives markets following the much publicised collapse of Barings plc in February 1995. The effects of the Barings collapse are also analysed in the annual reports of the ASC and CASAC. In November 1995 this Committee tabled a separate Report on Derivatives, and it does not propose to cover this issue again in this Report.

 1.5 The Committee has decided to report to the Parliament on its examination of the annual reports and on other issues raised during its public hearings. 

 

Footnotes

[1] Australian Securities Commission Act 1989, sections 7, 145, 171, 202 and 224 respectively.

[2] See Australian Securities Commission Act 1989, ss 138, 164, 183, 214 and 234.