ASIC Gets Additional Funding to Boost Lending and Data Surveillance
- Extra funding will allow ASIC to build technological capacity to more effectively identify risks and misconduct.
Australian financial regulator, ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term, announced today that it is to receive major additional funding from the government. The funding will allow for further surveillance and enforcement in the areas of financial planning, responsible lending, life insurance, misconduct and breach reporting.
ASIC has welcomed the government's support for the introduction of an Industry Funding Model which will allow the regulator to build its technological capacity to identify and assess risks and misconduct.
According to ASIC Chairman, Greg Medcraft: “We have long believed that those who generate the need for Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term should pay for it. ASIC has worked with the Treasury to consult with industry and we look forward to continued engagement with those we regulate to see Industry Funding work well.”
ASIC has also welcomed the government's response to the Capability Review. ASIC provided an official response to the Capability Review which sets out the positive actions that ASIC is currently undertaking, or intends to take, to develop its capabilities in areas including governance, culture and communication. It also provided the regulator with the opportunity to consider the capabilities needed for the future to ensure trust and confidence in the markets it regulates and to deliver improved market outcomes for the Australian community.
The government has committed to ensuring that the key recommendations from the Financial System Inquiry are implemented as a priority. In this respect, ASIC will now work with the government and treasury to make sure that the regulatory framework allows it to effectively deal with market misconduct with appropriate incentives for firms to put their customers first.
In today’s announcement, ASIC has also confirmed an 18-month extension to Mr Medcraft’s term as chairman, along with the appointment of an additional commissioner for ASIC.
Australian financial regulator, ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term, announced today that it is to receive major additional funding from the government. The funding will allow for further surveillance and enforcement in the areas of financial planning, responsible lending, life insurance, misconduct and breach reporting.
ASIC has welcomed the government's support for the introduction of an Industry Funding Model which will allow the regulator to build its technological capacity to identify and assess risks and misconduct.
According to ASIC Chairman, Greg Medcraft: “We have long believed that those who generate the need for Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term should pay for it. ASIC has worked with the Treasury to consult with industry and we look forward to continued engagement with those we regulate to see Industry Funding work well.”
ASIC has also welcomed the government's response to the Capability Review. ASIC provided an official response to the Capability Review which sets out the positive actions that ASIC is currently undertaking, or intends to take, to develop its capabilities in areas including governance, culture and communication. It also provided the regulator with the opportunity to consider the capabilities needed for the future to ensure trust and confidence in the markets it regulates and to deliver improved market outcomes for the Australian community.
The government has committed to ensuring that the key recommendations from the Financial System Inquiry are implemented as a priority. In this respect, ASIC will now work with the government and treasury to make sure that the regulatory framework allows it to effectively deal with market misconduct with appropriate incentives for firms to put their customers first.
In today’s announcement, ASIC has also confirmed an 18-month extension to Mr Medcraft’s term as chairman, along with the appointment of an additional commissioner for ASIC.