Footnotes

Chapter 1 - Statutory oversight

[1]        Parliamentary Joint Committee on Corporations and Financial Services, Oversight of ASIC, http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/asic (accessed 24 September 2012).

Chapter 2 - Matters considered at oversight hearing

[1]        Mr John Price, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 15. ASIC's forward work plan is available in Submission 51 for the committee's inquiry into the collapse of Trio Capital, pp 7­10, which can be obtained from the committee's website http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Completed_inquiries/2010-13/trio/submissions (accessed 25 September 2012).

[2]        Mr Price, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, pp 15‑16. Regulatory guide 240 - Hedge funds: Improving disclosure was released in 18 September 2012, and can be obtained from ASIC's website: http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg240-published-18-September-2012.pdf/$file/rg240-published-18-September-2012.pdf (accessed 20 October 2012).

[3]        Mr Price, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 16. The committee understands that from 1 November 2012 responsible entities must prepare 12-month cash-flow projections for at least quarterly approval by directors. Responsible entities (RE) must hold the greater of $150,000, 0.5% of the average value of scheme property (capped at $5 million), or 10% of the average RE revenue (uncapped). In addition, a liquidity requirement has also been introduced where an RE must hold at least 50% of the required capital in liquid assets.

[4]        Mr Greg Tanzer, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 19.

[5]        Mr John Price, Senior Executive Leader, Australian Securities and Investments Commission, Committee Hansard, 22 June 2012, p. 3; Mr Price, Australian Securities and Investments Commission, Proof Committee Hansard, 12 September 2012, p. 16.

[6]        Mr Price, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 21.

[7]        Mr Price, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 21.

[8]        Mr Price, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 18.

[9]        Mr Price, Australian Securities and Investments Commission, Proof Committee Hansard, 12 September 2012, p. 17.

[10]      Further details of the Corporations Amendment (Future of Financial Advice) Act 2012 and the Corporations Amendment (Further Future of Financial Advice Measures) Act 2012 are available at Parliamentary Joint Committee on Corporations and Financial Services, 'Information about the Bills', http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/Completed_inquiries/2010-13/future_fin_advice/index (accessed 25 September 2012).

[11]      An explanation of the FOFA reforms ASIC's related regulatory responsibilities is available at Australian Securities and Investments Commission, Future of Financial Advice, http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Future%20of%20financial%20advice (accessed 25 September 2012).

[12]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the Corporations Amendment (Future of Financial Advice) Bill 2011 and the Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, February 2012, Recommendation 6 and Recommendation 12, pp xiii­–xiv.

[13]      Mr Price, Australian Securities and Investments Commission, Proof Committee Hansard, 12 September 2012, p. 8.

[14]      Mr Price, Australian Securities and Investments Commission, Committee Hansard, 21 March 2012, p. 16.

[15]      Mr Price, Australian Securities and Investments Commission, Proof Committee Hansard, 12 September 2012, p. 8.

[16]      Australian Securities and Investments Commission, Future of Financial Advice, http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Future%20of%20financial%20advice (accessed 25 September 2012).

[17]      Corporations Act 2001, s.1101A.

[18]      Australian Securities and Investments Commission, What ASIC is doing, http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Future%20of%20financial%20advice (accessed 11 September 2012).

[19]      Mr Peter Kell, Commissioner, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 7.

[20]      Australian Securities and Investments Commission, Regulatory Guide 183, March 2005, p. 3.

[21]      Australian Securities and Investments Commission, What ASIC is doing, http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Future%20of%20financial%20advice (accessed 11 September 2012).

[22]      Mr Kell, Australian Securities and Investments Commission, Mr Price, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 8.

[23]      Mr Greg Medcraft, Chair, Australian Securities and Investments Commission, Committee Hansard, 22 June 2012, p. 13.

[24]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 2 March 2012, p. 26.

[25]      Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into the collapse of Trio Capital, May 2012, Recommendation 3, paragraph 7.6.

[26]      Mr Kell, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 14.

[27]      The Hon Bill Shorten MP, 'New form of licence expands financial advice', Media release 036, 23 June 2012.

[28]      Mr Tanzer, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 20.

[29]      Parliamentary Joint Committee on Corporations and Financial Services, Statutory oversight of the Australian Securities and Investments Commission, August 2011, pp 11–13.

[30]      See, for example, Parliamentary Joint Committee on Corporations and Financial Services, Statutory oversight of the Australian Securities and Investments Commission, August 2011, p. 7.

[31]      Dr Carole Comerton-Forde, Professor of Finance, Australian National University, Committee Hansard, 15 June 2011, p. 11.

[32]      Australian Securities and Investments Commission, answer to question on notice, 20 June 2012 (received 26 July 2012).

[33]      Australian Securities and Investments Commission, answer to question on notice, 20 June 2012 (received 26 July 2012); Ms Belinda Gibson, Deputy Chair, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 5.

[34]      Ms Gibson, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 3.

[35]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 5.

[36]      Ms Gibson, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 3.

[37]      Ms Gibson, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 3.

[38]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 5; Australian Securities and Investments Commission, answer to question on notice, 20 June 2012 (received 26 July 2012).

[39]      Parliamentary Joint Committee on Corporations and Financial Services, Statutory oversight of the Australian Securities and Investments Commission, May 2011, p. 7.

[40]      Dr Comerton-Forde, Australian National University, Committee Hansard, 15 June 2011, p. 11.

[41]      Parliamentary Joint Committee on Corporations and Financial Services, Statutory oversight of the Australian Securities and Investments Commission, February 2011, pp 9­11; Parliamentary Joint Committee on Corporations and Financial Services, Statutory oversight of the Australian Securities and Investments Commission, May 2011, pp 16­17; Parliamentary Joint Committee on Corporations and Financial Services, Statutory oversight of the Australian Securities and Investments Commission, February 2011, pp 9­11; Parliamentary Joint Committee on Corporations and Financial Services, Statutory oversight of the Australian Securities and Investments Commission, August 2011, pp 13­14; Parliamentary Joint Committee on Corporations and Financial Services, Statutory oversight of the Australian Securities and Investments Commission, November 2011, pp 10­11; Parliamentary Joint Committee on Corporations and Financial Services, Statutory oversight of the Australian Securities and Investments Commission, March 2012, p. 18.

[42]      Mr Tanzer, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 20.

[43]      Mr Tanzer, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 20.

[44]      Mr Tanzer, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 20.

[45]      Mr Price, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 21.

[46]      Mr Price, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 21.

[47]      Mr Tanzer, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 21.

[48]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 11 March 2011, p. 40.

[49]      Australian Securities and Investments Commission Act 2001, paragraph 11(2)(b).

[50]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 25 November 2011, p. 20.

[51]      Mr Price, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 21.

[52]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 22.

[53]      Organisation for Economic Cooperation and Development, OECD strategic response to the financial and economic crisis: contributions to the global effort, 2009, p. 3, as cited in Parliamentary Joint Committee on Corporations and Financial Services, Access for small and medium business to finance, April 2011, p. 18.

[54]      Parliamentary Joint Committee on Corporations and Financial Services, Statutory oversight of the Australian Securities and Investments Commission, August 2011, p. 14.

[55]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 2.

[56]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 14.

[57]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 15.

[58]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 15.

[59]      ASIC, Report 299, September 2012, Appendix 1, p. 2.

[60]      ASIC, Report 299, September 2012, p. 20.

[61]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 22.

[62]      Mr Medcraft, Australian Securities and Investments Commission, Committee Hansard, 12 September 2012, p. 15.