CAPABILITY REVIEW OF THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
The Hon Josh Frydenberg MP Assistant Treasurer has announced that the Government is commissioning a review to consider the capabilities of the Australian Securities and Investments Commission (ASIC). The capability review will ensure that ASIC has appropriate governance, capabilities and systems to meet these objectives and future regulatory challenges.
The capability review forms part of the response to the Financial System Inquiry (Murray Inquiry) which recommended periodic reviews of the capabilities of financial regulators, commencing with a review of ASIC to ensure it had the skills and culture to carry out its role effectively.
WHAT WILL THE CAPABILITY REVIEW EXAMINE?
The capability review will examine and make recommendations on how efficiently and effectively ASIC operates in order to achieve its strategic objectives, including:
- identification and analysis of immediate and forward-looking priorities or risks;
- resource prioritisation and responsiveness to emerging issues, including:
- how ASIC allocates its current resources among its regulatory tools, such as supervision, surveillance, education, policy, enforcement and litigation; and
- how ASIC allocates its current resources across its regulated population;
- the skills, capabilities and culture of the Commission and its staff, including in respect of internal review and improvement mechanisms; and
- organisational governance and accountability arrangements.
WHAT IS THE NEXT STEP?
The review is to be completed by the end of 2015. The review is expected to consult extensively with private sector businesses regulated by ASIC and peak bodies, as well as regional and consumer representatives.
FOR FURTHER INFORMATION:
More details are available at:
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