Jones supports Senate ASIC inquiry
Assistant Treasurer, Stephen Jones, has welcomed the Senate inquiry into investigation and enforcement by the Australian Securities and Investments Commission (ASIC).
Speaking at the ASIC annual forum in Sydney, Jones said he would be working across “both sides of the aisle” to secure a successful inquiry.
The Senate investigation would explore the capacity and capability of ASIC to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct.
“I 100% support the need for Parliament to scrutinise the operations of the regulator.
“If the regulator has dropped the ball then scrutiny is in everyone’s interest and it should focus on the activity of the regulator.
“I will be reaching across the aisle to ensure scrutiny is done in a proper way and there aren’t parallel investigations going on.”
The closing date for submissions for the inquiry was 3 February, 2023 and a report was expected by the last sitting day in June 2024.
AUTHOR
Laura Dew
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
