The Australian Securities and Investments Commission (ASIC) has welcomed the announcement by the Minister for Financial Services, Chris Bowen, that it will take over the market supervision role from the Australian Securities Exchange (ASX) on 1 August.
This follows the proclamation of the relevant Act and approval of the relevant regulations by the Executive Council.
Bowen also announced his intention to approve the Market Integrity Rules, about which industry has been consulted.
On Wednesday, 7 July, ASIC and ASX concluded a formal agreement regarding the transfer of the responsibilities to ASIC.
ASIC chairman Tony D’Aloisio said the commission was ready to assume the important responsibility.
“We have an integrated market surveillance system in place, and we have developed a streamlined markets analysis methodology and relationship management model,” said D’Aloisio.
“The market integrity rules are generally the same as those which exist currently and we intend to approach our supervision in a way which is consistent with the current approach,” he added.
D’Aloisio also thanked ASX for its cooperation in ensuring a smooth transition.
