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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        The committee held a public hearing on 11 March 2011 in Sydney to examine matters falling within ASIC's regulatory jurisdiction. The committee invited the Australian Securities Exchange (the ASX) and the Office of Legal Service Coordination (OLSC) to give evidence at the hearings. The committee thanks the ASX and OLSC for their significant contributions to the oversight process.

1.4        This report reflects evidence taken at the hearing. The 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 and is available on the committee's website.[1]

Additional information

1.5        A number of questions were placed on notice at the hearing. Those questions, and responses to them, are published in Appendix 2.

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