Footnotes

Chapter 2 - Issues raised with ASIC

[1]        ASIC, 'Naked short selling not permitted and covered short selling to be disclosed', Press release, 19 September 2008; ASIC, Class order [CO 08/751]

[2]        ASIC, 'Covered short selling not permitted', Press release, 21 September 2008; ASIC, Class order [CO 08/752]

[3]        ASIC, 'ASIC advice to ASX market participants regarding hedging existing transactions', Press release, 22 September 2008; ASIC, 'Update on ASIC's response to short selling', Press release, 23 September 2008; ASIC, 'No action position for owners selling from stock lending portfolios', Press release, 24 September 2008

[4]        ASIC, 'ASIC extends ban on covered short selling', Press release, 21 October 2008

[5]        ASIC, 'ASIC extends ban on covered short selling of financial securities', Press release, 21 January 2009

[6]        ASIC, 'Requirements for disclosure and reporting of short sales from 19 November 2008', Press release, 28 October 2008

[7]        Senator The Hon. Nick Sherry, 'Government to legislate for better regulation of short selling', Media release, 13 November 2008

[8]        Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 2

[9]        Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 2

[10]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 16

[11]      Appendix 2, question 12

[12]      Appendix 2, question 16. See also ASIC, Class Order CO 08/752

[13]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 2. The foreshadowed January lifting of the ban on shorting financial stocks did not ultimately occur. At the time of writing this report, the ban on covered short sales of financial stocks had been extended to 6 March 2009.

[14]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, pp 18-19

[15]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 19

[16]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 4

[17]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 10

[18]      Appendix 2, question 16

[19]      ASIC, 'ASIC facilitates withdrawals from frozen funds', Press release, 31 October 2008. Hardship grounds include inability to meet immediate living expenses; compassionate grounds such as medical costs or pending foreclosure; and permanent incapacity.

[20]      See Appendix 2, question 5

[21]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 2

[22]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, pp 28-29

[23]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 9

[24]      ASIC, 'ASIC outlines market turmoil response to financial services industry', Press release, 7 August 2008

[25]      Senator The Hon. Nick Sherry, 'Improved Australian controls for credit rating agencies and research houses', Media release, 13 November 2008

[26]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 4

[27]      Senator The Hon. Nick Sherry, 'Action to further enhance market integrity', Media release, 19 November 2008

[28]      Senator The Hon. Nick Sherry, Letter to CAMAC Convenor, 19 November 2008. CAMAC is due to report on its findings by 30 June 2009.

[29]      Appendix 2, question 24

[30]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 5

[31]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 3

[32]      Ms Belinda Gibson, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 22

[33]      Exact figures are contained in Appendix 2, question 2.

[34]      See for example Gray, J. 'Pressure grows to strip ASX of its regulatory power', Australian Financial Review, 22 May 2008, p. 1

[35]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 10

[36]      ASIC, 'ASIC announces executive appointments', Press release, 22 August 2008

[37]      Appendix 2, question 40

[38]      Allen Consulting Group, ASIC Stakeholder Survey, April 2008, pp. 13-24. For some discussion of the results of this survey, see also A year of change: ASIC Annual Report 07-08, ASIC, 1 August 2008.

[39]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 11

[40]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 12

[41]      These were outlined in the committee's previous report. See Joint Parliamentary Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, August 2008, p. 5.

[42]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 6

[43]      Ms Belinda Gibson, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, pp 13-14

[44]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 12

[45]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 7

[46]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 7

[47]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 14

[48]      See Appendix 2, question 1

[49]      ASIC, 'ASIC advocates super snapshots – a wake-up call on super', Press release, 28 July 2008; ASIC, 'Superannuation forecasts', Consultation Paper 101, July 2008

[50]      Mr Jeremy Cooper, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 24

[51]      Mr Jeremy Cooper, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 24

[52]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 5

[53]      See Joint Parliamentary Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, August 2008, p. 11

[54]      Mr Tony D'Aloisio, ASIC, Proof Committee Hansard, Canberra, 28 November 2008, p. 5-6

[55]      See http://www.fido.gov.au/fido/fido.nsf

[56]      Joint Parliamentary Committee on Corporations and Financial Services, Statutory Oversight of the Australian Securities and Investments Commission, August 2008, p. 9