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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:
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to inquire into, and report to both Houses on:
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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
s.243(a)(i).
1.3
In undertaking this 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.
Despite this, the committee remains satisfied that ASIC continues to carry out
its functions in accordance with the provisions of the corporations
legislation.
Public hearing
1.4
The committee held a public hearing on 28 November 2008 to examine matters falling within ASIC's regulatory jurisdiction. Evidence was provided by Mr Tony
D'Aloisio, Chairman of ASIC; Mr Jeremy Cooper, Deputy Chairman of ASIC; and Ms Belinda
Gibson, ASIC Commissioner (Appendix 1).
1.5
A copy of the Hansard transcript from the hearing has been tabled for
the information of the Parliament. It is also available online at http://www.aph.gov.au/hansard/joint/commttee/J11473.pdf.
Additional information
1.6
A number of questions were placed on notice at the hearing. Those
questions and ASIC's responses are at Appendix 2.
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