1991
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The
Australian Securities Commission (ASC) commenced operation.
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1993
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The
civil penalty regime for the enforcement of directors' duties is introduced.
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1997
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The final report of the
Financial System Inquiry, chaired by Mr Stan Wallis (Wallis
inquiry), was released in March. One of the recommendations was that a single
agency be established to provide Commonwealth regulation of corporations,
financial market integrity and consumer protection. Also in March, the
government announced the Corporate Law Economic Reform Program (CLERP), a
policy framework intended to reform key areas of corporate regulation. CLERP
was gradually enacted over several years.
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1998
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The ASC becomes ASIC.
Consumer protection responsibilities for insurance, superannuation and
deposit‑taking transferred from the ACCC to ASIC. Managed investments
schemes became regulated by ASIC.
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2002
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The Financial
Services Reform Act 2001 (also known as CLERP 6) introduced a new
regulatory regime for the provision of financial services. ASIC is given the
responsibility for overseeing market conduct and consumer protection issues
relating to credit, such as product disclosure. Providers of financial
services must obtain an AFS licence issued by ASIC.
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2004
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Following the Ramsay
Report, the collapse of HIH Insurance and the HIH Royal Commission, audit
reform is introduced by legislation known as CLERP 9. Measures that directly
relate to ASIC include continuous disclosure requirements and the power for
ASIC to issue infringement notices for alleged contraventions of these
requirements, as well as whistleblower protections for employees that report
breaches to ASIC.
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July 2005
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The Choice of
Fund reforms commence, requiring employers to offer a choice of
superannuation fund to all eligible employees. The reforms are jointly
administered by ASIC, APRA and the ATO.
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March 2008
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COAG agrees in
principle that the states would transfer responsibility for regulating
consumer credit to the Commonwealth.
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November 2008
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The government
announces that, effective 1 January 2010, ASIC will require all credit rating
agencies to hold an AFS licence.
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May 2010
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ASIC assumes
responsibility from the states and territories for the regulation of trustee
companies.
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June 2010
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The Super System Review
(Cooper Review) delivers its final report to the government. The government's
response to the review, the Stronger Super reforms, led to responsibilities
for ASIC related to the implementation of the MySuper default superannuation
product and the regulation of self-managed superannuation fund (SMSF)
auditors.
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July 2010
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The National
Consumer Credit Protection Act 2009 commences. This Act replaces the
Uniform Consumer Credit Codes administered by the states and territories and
makes ASIC the national regulator of consumer credit. Entities that engage in
credit activity generally need to obtain a credit licence from ASIC.
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July 2010
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The provisions of the
Australian Consumer Law relating to unfair terms in consumer contracts for
financial products and financial services take effect. ASIC is also given new
enforcement and consumer redress powers.
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August 2010
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ASIC takes over
responsibility for the supervision of real-time trading on domestic licensed
equity, derivatives and futures markets.
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September 2010
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The Senate Economics
References Committee completes an inquiry into liquidators and
administrators. The report recommended that ASIC's corporate insolvency
responsibilities be transferred to a new agency, however, the government did
not adopt this recommendation.
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March 2011
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After being asked by
the government to develop it, ASIC releases the National Financial
Literacy Strategy.
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January 2012
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ASIC's register of
company charges closes as part of the personal property securities reform (a
new Personal Property Securities Register commences which is administered by
the Insolvency and Trustee Service Australia).
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May 2012
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The administration of
business names is transferred from the states and territories to ASIC.
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July 2012
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The Future of Financial
Advice (FOFA) reforms commence, although compliance is only mandatory from 1
July 2013. Included in FOFA is a prospective ban on conflicted remuneration
structures, a statutory fiduciary duty that financial advisers must act in the
best interests of their clients, an opt-in obligation regarding clients'
agreement to ongoing fees and strengthened enforcement powers for ASIC.
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