Australian Securities & Investments Commission
|Australian Securities and Investments Commission
|Greg Medcraft, Chairman
|Corporate, markets and financial services regulator
The Australian Securities & Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. ASIC is an independent Commonwealth Government body, set up under and administered by the Australian Securities and Investments Commission Act (ASIC Act).
Established by the ASIC Act 1989, the organization began operating on Jan. 1, 1991 as the Australian Securities Commission, replacing the National Companies and Securities Commission and the Corporate Affairs offices of the states and territories.
The ASIC Act of 2001 requires that the Commission uphold the law uniformly, effectively and quickly, promote confident and informed participation by investors and consumers in the financial system, make information about companies and other bodies available to the public, and improve the performance of the financial system and the entities within it.
Products and Services
As the corporate regulator, ASIC is responsible for ensuring that company directors and officers carry out their duties honestly, diligently and in the best interests of their company.
As the markets regulator, ASIC assesses how effectively authorized financial markets are complying with their legal obligations to operate fair, orderly and transparent markets and advises the Minister about authorizing new markets.
As the financial services regulator, ASIC licenses and monitors financial services businesses to ensure that they operate efficiently, honestly and fairly. These businesses typically deal in superannuation, managed funds, shares and company securities, derivatives, and insurance.
Investment Scam Warning
In May 2021, ASIC warned that it had received an increased number of reports from consumers who had lost money after responding to advertisements disguised as fake news articles. The ads mostly promoted crypto-assets (or crypto-currency) and contracts for difference (CFD) trading. ASIC said it also saw ads and websites falsely using ASIC logos or claiming the investment was "approved" by ASIC.
The Australian government recently transferred the power to regulate real-time market trading from the Australian Stock Exchange to ASIC, removing what some politicians had called a "conflict of interest" in having the ASX regulate its own trading activity. The decision sets up the possibility that a second securities exchange could be launched in Australia to compete with the ASX, Bloomberg reported.
- Our Role. Australian Securities and Investments Commission.
- Australian Securities and Investments Commission Act 2001. Commonwealth of Australia Law.
- ASIC warns against fake news articles promoting investment scams. ASIC.
- Australia Approves Plan to Transfer Some ASX Powers. Bloomberg.