Terms of reference announced for ASIC inquiry
The Senate Economics Reference committee has published the terms of reference for its investigation into investigations and enforcement by the Australian Securities and Investments Commission (ASIC).
The investigation would explore the capacity and capability of ASIC to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct.
This included:
- The potential for dispute resolution and compensation schemes to distort efficient market outcomes and regulatory action;
- The balance in policy settings that deliver an efficient market but also effectively deter poor behaviour;
- Whether ASIC is meeting the expectations of government, business and the community with respect to regulatory action and enforcement;
- The range and use of various regulatory tools and their effectiveness in contributing to good market outcomes;
- The offences from which penalties can be considered and the nature of liability in these offences;
- The resourcing allocated to ensure investigations and enforcement action progresses in a timely manner;
- Opportunities to reduce duplicative regulation; and
- Any other related matters.
The closing date for submissions was 3 February, 2023 and a report was expected by the last sitting day in June 2024.
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Does this include the ACNC. It's compliance group are slow and barely reply.
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