New-look ASIC takes first steps
The Australian Securities and Investments Commission (ASIC) officially began operating under a new structure yesterday after a 12-month strategic review of its practices revealed the need for quicker reaction times and greater responsiveness.
As well as the managerial changes Money Management reported last week, ASIC has also committed additional resources to its surveillance operations and market research, while encouraging a better balance between national and regional initiatives.
In terms of its new structure, ASIC has replaced the four previous ‘silo’ directorates with 18 teams covering areas of the financial economy such as retail investors and consumers, investment managers, investment banks, superannuation funds and financial advisers.
Going forward, it plans to establish an external advisory panel, which will provide information and guidance on market developments and potential systemic issues.
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
