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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 (the ASIC Act). Section 243 of the ASIC Act specifies the committee's duties,
which include:
(a) to inquire into, and report to both Houses on:
(i) 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 paragraph 243(a)(i).
1.3
As the regulator of Australia’s corporate sector, markets and financial
services, ASIC is responsible for monitoring the integrity of Australia's
financial system. Areas within the Commission's purview include regulation of
corporations, financial advisors and consumer credit providers, and supervision
of trading on Australia's licensed equity, derivatives and futures markets. The
Commission may also advise the Minister about changes required to address
concerns with the operation of the corporations legislation or the financial
products or financial services industry, or to improve the efficiency of the
financial markets.[1]
1.4
In inquiring into ASIC's activities, the committee sought to determine
whether ASIC is fulfilling its statutory responsibilities as the corporate,
markets and financial services regulator. In considering ASIC's performance the
committee had regard to section 1 of the ASIC Act, which directs ASIC to:
- maintain, facilitate and improve the performance of the financial
system and the entities within that system in the interests of commercial
certainty, reducing business costs, and the efficiency and development of the
economy;
- promote the confident and informed participation of investors and
consumers in the financial system;
- administer the laws that confer functions and powers on it
effectively and with a minimum of procedural requirements;
- receive, process and store, efficiently and quickly, the
information given to ASIC under the laws that confer functions and powers on it;
- ensure that information is available as soon as practicable for
access by the public; and
- take whatever action it can take, and is necessary, in order to
enforce and give effect to the laws of the Commonwealth that confer functions
and powers on it.
Gathering evidence
1.5
The committee held public hearings on 15 June 2011 in Canberra and 24
June 2011 in Sydney. The
committee invited the Rule of Law Institute of Australia and
Dr Carole Comerton-Forde, Professor of Finance, Australian National
University, to give evidence at the hearing on 15 June. The committee appreciates
the assistance provided by the Institute and Dr Comerton-Forde, and thanks the
witnesses for their contribution to the oversight process. The committee also
acknowledges ASIC's ongoing cooperation, and extends its thanks to ASIC for
providing facilities for the hearing on 24 June.
1.6
This report reflects evidence taken at the hearings. The witnesses who
gave evidence are listed in Appendix 1. Copies of the Hansard transcripts from
the hearings have been tabled for the information of the Parliament, and are
available on the committee's website.[2]
Additional information
1.7
A number of questions were placed on notice at the hearings. Those
questions, and responses to them, are published in Appendix 2.
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