Chapter 1 Introduction
1.1This statutory inquiry into the Australian Securities and Investments Commission (ASIC), the Takeover Panel, and the corporations legislationis established by section 243 of the Australian Securities and Investments Commission Act 2001 (ASIC Act) which provides the following terms of references for the duties of the Parliamentary Joint Committee on Corporations and Financial Services (the committee):
(a)to inquire into, and report to both Houses on:
(i)activities of ASIC or the Panel, or matters connected with such activities, to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed; or
(ii)the operation of the corporations legislation (other than the excluded provisions); or
(iii)the operation of any other law of the Commonwealth, or any law of a State or Territory, that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); or
(iv)the operation of any foreign business law, or of any other law of a foreign country, that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); and
(b)to examine each annual report that is prepared by a body established by this Act and of which a copy has been laid before a House, and to report to both Houses on matters that appear in, or arise out of, that annual report and to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed; and
(c)to inquire into any question in connection with its duties that is referred to it by a House, and to report to that House on that question.
1.2These duties serve as the terms of reference for this inquiry.
Conduct of the inquiry
1.3This report is the first for this inquiry in the 47th Parliament and considers evidence received since its commencement on 26 July 2022. This evidence may also be the subject of further consideration in later reports should the committee so choose.
1.4Information about this inquiry was published on the committee’s webpage.
1.5The committee received ten submissions, as well as additional information, answers to questions on notice, and tabled documents (see Appendix 1).
1.6To date, the committee has held the following public hearings:
5 December 2022 in Sydney;
23 February 2023 in Sydney;
8 June 2023 in Canberra; and
27 June 2023 in Canberra.
1.7Witnesses who gave evidence at the public hearings are listen in Appendix 2.
Structure of the report
1.8This report is divided into the following chapters:
Chapter 1 provides administrative information about the inquiry;
Chapter 2 discusses transfers and sales of ASIC licences.
Acknowledgements
1.9The committee thanks all individuals and organisations who assisted with the inquiry, especially those who made written submissions and participated in the public hearings.
Notes on references
1.10References to the committee Hansard are to the proof Hansard, therefore page numbers may vary relative to the official Hansard.