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Chapter 1 - Statutory Oversight
1.1
The Parliamentary Joint Committee on Corporations and
Financial Services was established by the Australian Securities and Investments
Commission Act 2001. Section 243
specifies the Committee's duties, which include:
- to inquire into, and report to both Houses on:
- the activities of the Australian Securities and
Investments Commission (ASIC) ... or matters connected with such activities, to
which, in the Parliamentary Committee's opinion, the Parliament's attention
should be directed;
1.2
This report is presented in execution of the
Committee's duty under s.243(a)(i).
Overall assessment
1.3
This Committee exists as an oversight Committee. In fulfilling this function, and in writing
these reports, it is inevitable that the Committee will focus on areas for
improvement, or areas of controversy.
This may give an impression that the Committee is more critical of ASIC
than is in fact the case.
1.4
The Committee wishes to state that it is satisfied that
in the period since the last ASIC oversight report was tabled, the Commission,
its leaders and officers have continued to apply both the letter and the spirit
of the corporations legislation in the specific matters considered by the Committee
within this oversight hearing.
1.5
Consideration of a number of issues raised by the Committee
with ASIC during this oversight hearing will however continue at future
hearings.
Public and other hearings
1.6
The Committee held two public hearings, on 13 September 2005 and
9 November 2005. The second was held at the request of the Committee
due to the extensive range of issues that needed to be considered and ASIC is
thanked for its co-operation in this regard. The hearings were attended by the
Chairman of ASIC Mr Jeffrey
Lucy, Deputy Chairman Mr Jeremy
Cooper, and Commissioner, Professor
Berna Collier. They were supported by Ms Jan Redfern,
Executive Director, Enforcement.
1.7
In addition, the Committee received a private briefing
from officers of the Commonwealth Director of Public Prosecutions and the
Commonwealth Treasury, relating to insider trading and in particular the case
of Mr Stephen
Vizard.
This briefing was held in camera,
though a letter tabled by Mr Damian
Bugg QC, was published by a resolution of
the Committee. The letter appears at Appendix 3.
1.8
A copy of each of the Hansard transcripts from the
public hearings has been tabled for the information of the Parliament. The transcript is also available online at
http://www.aph.gov.au/hansard/joint/commttee/j-corps-fs.htm
Additional Information
1.9
A number of questions were placed on notice at the
hearing. Those questions and responses
are at Appendix 2.
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