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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).
Gathering evidence
1.3
On 22 March 2010, the committee benefited from a site visit to ASIC's Information
Processing Centre at Traralgon, in Victoria's Latrobe Valley. This gave the
committee an opportunity to better understand practical aspects of ASIC's
business and experience the call centre operations first-hand. The committee
would like to thank the many staff, whether from the executive or from
front-line service areas, who gave their time to the committee.
1.4
The committee held a public hearing on 29 April 2010 in Sydney to
examine matters falling within ASIC's regulatory jurisdiction. Witnesses who
gave evidence are listed in Appendix 1. 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/senate/committee/corporations_ctte/asic/hearings/hansard/290410.pdf
1.5
At the start of 2010 the committee agreed that it would periodically
seek private briefings from experts in the field of corporations law and
regulation, to give it access to new perspectives and insights that will assist
it in its oversight function. In this regard the committee wishes to thank
Professor Michael Adams and Associate Professor Joanna Bird for agreeing to
meet and talk with the committee. The committee especially acknowledges the
great efforts made by Professor Adams who, despite illness, provided considerable
material at short notice as well as meeting with the committee.
1.6
In addition, also on 29 April, the committee had a short briefing and
site visit with the Australian Securities Exchange (ASX), during which it was
shown examples of market monitoring activities conducted by ASX, responsibility
for some of which will be passed to ASIC this year (discussed further below).
Additional information
1.7
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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