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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:
(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
section 243(a)(i).
1.3
Section 243(b) of the Act further specifies that the Committee is to:
(b) ... examine each annual report that is prepared by a body
established by this Act and of which a copy has been laid before a House, and
to report to both Houses on matters that appear in, or arise out of, that
annual report and to which, in the Parliamentary Committee's opinion, the
Parliament's attention should be directed ...
1.4
Having regard to this duty, committee members examined ASIC's Annual
Report for 2008-09 in advance of meeting with ASIC and questioned ASIC officers
about some matters included in that report.
1.5
In undertaking its oversight function, the committee has inevitably
focused on matters of a controversial nature or areas where there may be scope
for ASIC to improve the way in which it carries out its responsibilities. In
its report, the committee highlights a number of issues which are of concern
and identifies further actions and information that it requires from ASIC.
Overall, however, the committee remains satisfied that ASIC continues to carry
out its functions in accordance with the provisions of the corporations
legislation.
Public hearing
1.6
The committee held a public hearing on 25 November 2009 to examine
matters falling within ASIC's regulatory jurisdiction. Witnesses who gave
evidence are listed in Appendix 1.
1.7
A copy of the Hansard transcript from the hearing has been tabled for
the information of the Parliament. It is available online at http://www.aph.gov.au/hansard/joint/commttee/J12391.pdf.
Additional information
1.8
A number of questions were placed on notice at the hearing. Those
questions, and ASIC's responses to them, are published in Appendix 2.
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