Footnotes

Chapter 1 - Statutory oversight

[1]        See Duties of the committee prefacing this report.

[2]        Australian Securities and Investments Commission Act 2001, para 11(2)(b); ss.11(3).

Chapter 2 - Fraud, failure and financial crime

[1]        http://users.monash.edu.au/~gilligan/ (accessed 6 January 2012)

[2]        Dr George Gilligan, Committee Hansard, 25 November 2011, pp 2, 5, 7, 8.

[3]        Dr George Gilligan, Committee Hansard, 25 November 2011, p. 2.

[4]        OECD, Policy Framework for Effective and Efficient Financial Regulation, 2010, p. 10.

[5]        Dr George Gilligan, Committee Hansard, 25 November 2011, p. 6.

[6]        Dr George Gilligan, Committee Hansard, 25 November 2011, pp 1–2, 6–7.

[7]        Dr George Gilligan, Committee Hansard, 25 November 2011, p. 2.

[8]        Dr George Gilligan, Committee Hansard, 25 November 2011, p. 2.

[9]        See particularly Official Committee Hansard, Parliamentary Joint Committee on Corporations and Financial Services, Collapse of Trio capital, Thirroul, 6 September 2011.

[10]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 2.

[11]      Dr George Gilligan, Presentation to Joint Committee on Corporations and Financial Services, Comments on some issues regarding financial services regulation in Australia, 25 November 2011, p. 7, available at: http://www.aph.gov.au/senate/committee/corporations_ctte/asic/Additional_Information/Gilligan_Presentation_251111_ASIC_Oversight.pdf, (accessed 30 January 2012).

[12]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 6.

[13]      Dr George Gilligan, Expecting too much? Enforcement limitations in the regulation of financial markets, Paper presented at ESRC/GOVNET Workshop, ANU, 14-15 March, 2007, p. 18.

[14]      Dr George Gilligan, Expecting too much? Enforcement limitations in the regulation of financial markets, Paper presented at ESRC/GOVNET Workshop, ANU, 14-15 March, 2007, p. 16–17.

[15]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 4.

[16]      Dr George Gilligan, Presentation to Joint Committee on Corporations and Financial Services, Comments on some issues regarding financial services regulation in Australia, 25 November 2011, pp 9–10, available at: http://www.aph.gov.au/senate/committee/corporations_ctte/asic/Additional_Information/Gilligan_Presentation_251111_ASIC_Oversight.pdf, (accessed 30 January 2012).

[17]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 7.

[18]      Dr George Gilligan, Committee Hansard, 25 November 2011, pp 2, 5, 7.

[19]      Dr George Gilligan, Expecting too much? Enforcement limitations in the regulation of financial markets, Paper presented at ESRC/GOVNET Workshop, ANU, 14-15 March, 2007, pp 32–37; Dr George Gilligan, Committee Hansard, 25 November 2011, p. 1.

[20]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 7.

[21]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 7.

[22]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 3.

[23]      See http://www.oecd.org/dataoecd/28/49/44362818.pdf (accessed 10 February 2012).

[24]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 3.

[25]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 2.

[26]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 3.

[27]      These questions were: Does your agency use an operational definition of financial crime, and if so what is it?

What is the extent of financial crime in your jurisdiction?

If your agency does not use an operational definition of financial crime, what behaviours/offences that your agency seeks to counter could be categorised as financial crime?

If your agency does not use an operational definition of financial crime, what is the extent in your jurisdiction of the behaviours/offences that could be categorised as financial crime?

Dr George Gilligan, Presentation to Joint Committee on Corporations and Financial Services, Comments on some issues regarding financial services regulation in Australia, 25 November 2011, p. 24, available at: http://www.aph.gov.au/senate/committee/corporations_ctte/asic/Additional_Information/Gilligan_Presentation_251111_ASIC_Oversight.pdf, (accessed 30 January 2012).

[28]      Dr George Gilligan, Committee Hansard, 25 November 2011, pp 4–5.

[29]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 4.

[30]      Dr George Gilligan, Presentation to Joint Committee on Corporations and Financial Services, Comments on some issues regarding financial services regulation in Australia, 25 November 2011, pp 27–29, available at: http://www.aph.gov.au/senate/committee/corporations_ctte/asic/Additional_Information/Gilligan_Presentation_251111_ASIC_Oversight.pdf, (accessed 30 January 2012).

[31]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 4.

[32]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 5.

[33]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 6.

[34]      Dr George Gilligan, Committee Hansard, 25 November 2011, pp 6–7.

[35]      Dr George Gilligan, Committee Hansard, 25 November 2011, p. 8.  Also compare p. 1

Chapter 3 - ASIC's responsibilities: education, protection and integrity

[1]        Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 9.

[2]        Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 9;
Mr Peter Kell, Commissioner, ASIC, Committee Hansard, 25 November 2011, p. 13.

[3]        ASIC, Consultation Paper 171: Strengthening the regulation of research report providers (including research houses), 16 November 2011, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp171-published-16-November-2011.pdf/$file/cp171-published-16-November-2011.pdf (accessed 15 February 2012).

[4]        Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 10.

[5]        ASIC, Report 265 Market assessment report: ASX Group, 23 November 2011, p. 16–17,
http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rep265-published-23-November-2011.pdf/$file/rep265-published-23-November-2011.pdf (accessed 15 February 2012).

[6]        Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 10.

[7]        Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 10.

[8]        ASIC, Consultation Paper 168 Australian equity market structure: Further proposals, 20 October 2011, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp168-published-20-October-2011-2.pdf/$file/cp168-published-20-October-2011-2.pdf,
(accessed 15 February 2012)

[9]        Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, pp 10–11; ASIC, Annual Report 2010-11, pp 10-12.

[10]      Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 11.

[11]      ASIC, Annual Report 2010-11, p. 87.

[12]      Mr Warren Day, Commissioner, Committee Hansard, 25 November 2011, pp 11–12.

[13]      Financial System Inquiry Final Report, Stan Wallis, Inquiry Chairman, Commonwealth of Australia, 1997, http://fsi.treasury.gov.au/content/FinalReport.asp, (accessed 1 February 2012).

[14]      Mr John Price, Senior Executive Leader, ASIC, Committee Hansard, 25 November 2011, p. 12.

[15]      Ms Belinda Gibson, Deputy Chair, ASIC, Committee Hansard, 25 November 2011, p. 12.

[16]      Mr John Price, Senior Executive Leader, Mr Peter Kell, Commissioner, Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, pp 12–13.

[17]      Parliamentary Joint Committee on Corporations and Financial Services, Statutory Oversight of Australian Securities and Investments Commission Report, August, 2011, p. 8.

[18]      Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, pp 13–14.

[19]      ASIC, Annual Report 2010–11, pp 22–23 and p. 145.

[20]      Committee Hansard, 25 November 2011, p. 15.

[21]      See response to questions on notice no. 2 in Appendix 2.

[22]      Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 17.

[23]      Committee Hansard, 25 November 2011, p. 18.

[24]      Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 19.

[25]      Mr Greg Medcraft, Chair, ASIC, Mr John Price, Senior Executive Leader, ASIC, Committee Hansard, 25 November 2011, pp 19–20.

[26]      Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 21.

[27]      Ms Belinda Gibson, Deputy Chair, ASIC, Committee Hansard, 25 November 2011, p. 21.

[28]      Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 22.

[29]      Australian Securities and Investments Commission v Healey (No 2) [2011] FCA 1003 (31 August 2011), Middleton J, para 1, http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/cth/FCA/2011/1003.html?stem=0&synonyms=0&query=Brian%20Healey (accessed 15 February 2012).

[30]      Ms Belinda Gibson, Deputy Chair, ASIC, Committee Hansard, 25 November 2011, p. 23.

[31]      Mr Greg Medcraft, Chair, and Ms Belinda Gibson, Deputy Chair ASIC, Committee Hansard, 25 November 2011, p. 23.

[32]      ASIC, Background paper: ASIC'S regulatory framework on competition in exchange markets, 29 April 2011, p. 6, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/11-87MR-backgrounder.pdf/$file/11-87MR-backgrounder.pdf (accessed 15 February 2012)

[33]      ASIC, Consultation Paper 168 Australian equity market structure: Further proposals, 20 October 2011, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp168-published-20-October-2011-2.pdf/$file/cp168-published-20-October-2011-2.pdf,
(accessed 15 February 2012)

[34]      Mr Greg Medcraft, Chair and Ms Belinda Gibson, Deputy Chair, ASIC, Committee Hansard, 25 November 2011, pp 22–24.

[35]      Mr Greg Medcraft, Chair and Ms Belinda Gibson, Deputy Chair, ASIC, Committee Hansard, 25 November 2011, pp 24–25.

[36]      ASIC, Consultation Paper 167 Advertising financial products and advice services: Good practice guidance, 30 August 2011, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/cp167-published-30-August-2011.pdf/$file/cp167-published-30-August-2011.pdf (accessed 15 February 2012)

[37]      Mr Peter Kell, Commissioner, ASIC, Committee Hansard, 25 November 2011, p. 25

[38]      Mr Greg Medcraft, Chair, ASIC, Committee Hansard, 25 November 2011, p. 26.

[39]      Mr Warren Day, Commissioner, Committee Hansard, 25 November 2011, p. 26