The Australian Securities and Investment Commission is the official corporate, markets and financial services regulator in Australia. It is responsible for overseeing and regulating companies, financial markets, financial services organizations and financial advisors across Australia.
The Australian Securities and Investment Commission (ASIC) is the official corporate, markets and financial services regulator in Australia. The local regulator carries out its activities in accordance with the Corporations Act. The core responsibilities of the Australian Securities and Investment Commission comprises:
- Observe, administer, and improve the work of the financial system and its participants;
- Encourage confident and informed involvement of investors and consumers in the financial system;
- Manage the law successfully and with least procedural requirements;
- Enforce and provide effect to the law;
- Obtain, process and store information provided in an efficient and fast way;
- Make the data about the firms and other entities public as soon as possible.
More specifically, ASIC regulates companies, financial markets, financial services organizations and professionals, dealing and advising in superannuation, investments, insurance, credit and deposit taking. ASIC is an independent Commonwealth government entity. The regulator operates under the direction of five Commissioners assigned by the Governor-General on the nomination of the Treasurer.
Australian Securities and Investment Commission was known as ASC
Initially, the Australian Securities and Investment Commission began operating in 1991 under the name of the Australian Securities Commission (ASC). During that time, the ASC acted as the replacement for the National Companies and Securities Commission (NCSC) and the Corporate Affairs offices of the states and territories. In 1998, ASIC took the responsibility for consumer safeguarding in superannuation, insurance and deposit taking. Moreover, in the same year the regulatory body was also officially renamed to the current name; the Australian Securities and Investments Commission.
Since the renaming of the ASC, in 2010 ASIC broadened its scope of responsibilities. From 2010 onward, the Australian regulator oversees trustee companies, consumer credit and finance broking. Moreover, in the same year, ASIC also received the responsibility over monitoring the trading activities of Australian licensed equity, derivatives and futures markets. More recently, the regulator launched its new MoneySmart Financial Advice Toolkit, which aims to help Australians to understand financial advice process.