Australian Securities and Investments Commission

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Australian Securities and Investments Commission
ASIC logo.JPG
Agency overview
Formed 1 January 1991
Jurisdiction Commonwealth of Australia
Headquarters Australia Melbourne, Australia
Employees 1,471
Website http://www.asic.gov.au/

The Australian Securities & Investments Commission (ASIC) is an independent Australian government body that acts as Australia's corporate regulator. ASIC's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. [1] ASIC administers a range of legislation (or relevant parts of Acts), as well as relevant regulations made under it:

  • Corporations Act 2001
  • Australian Securities and Investments Commission Act 2001
  • Insurance Contracts Act 1984
  • National Consumer Credit Protection Act 2009 [2]

History[edit]

ASIC was originally formed as the Australian Securities Commission (ASC), which came into being on 1 January 1991 in accordance with the (then) ASC Act 1989. The purpose of the ASC was to unify corporate regulators around Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices of the states and territories.

The corporate regulator became the Australian Securities & Investments Commission (ASIC) on 1 July 1998, when it also became responsible for consumer protection in superannuation, insurance, deposit taking. It has since gained further responsibilities: in 2002 for credit, the Australian Stock Exchange in 2009, and Chi-X in 2011.

In 2012, ASIC called for powers to use data which other intelligence agencies have intercepted. [3]

Areas of responsibility[edit]

ASIC's areas of responsibility include:

  • corporate governance
  • financial services
  • securities and derivatives
  • insurance
  • consumer protection
  • financial literacy.

ASIC's consumer website www.moneysmart.gov.au was launched on 15 March 2011. MoneySmart replaced ASIC's two previous consumer websites, FIDO and Understanding Money. MoneySmart aims to help people make good financial decisions by providing free, independent and unbiased information, tools and resources.

See also[edit]

References[edit]

  1. ^ ASIC (11 April 2005). "ASIC at a glance". Retrieved 16 April 2005.
  2. ^ ASIC (1 February 2005). "The laws ASIC administers". Retrieved 16 April 2005.
  3. ^ David Ramli (27 September 2012). "ASIC calls for more phone-tapping powers". Australian Financial Review. Retrieved 16 October 2012. 

External links[edit]