ASIC to get more muscle

Nick Sherry

After 17 years with three commissioners, the Australian Securities and Investments Commission (ASIC) will have its numbers increased to five, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced today.

ASIC has had three commissioners since its predecessor, the Australian Securities Commission (ASC), began operation in 1991.

“[The] extra commissioners will strengthen ASIC’s ability to enforce the law,” Senator Sherry said.

ASIC currently has over 1,600 employees and offices in each capital city. However, a recent internal review found that it needed to broaden its skills and geographical spread, he said.

The review also found that during the 17 years since the creation of the ASC its responsibilities have changed considerably.

“By approving two additional commissioners, we’re recognising that the nature and complexity of the issues ASIC deals with requires added executive level involvement and input, as well as greater geographical reach into growth centres like Perth and Brisbane,” Senator Sherry said.

ASIC has faced criticism recently from some sectors of the financial services industry and media that its number of successful serious prosecutions has fallen.

The two new commissioners will join the chairman and commissioner, Tony D’Aloisio, and commissioners Jeremy Cooper and Belinda Gibson.