The Morrison government today released a new statement of expectations for the Australian Securities and Investments Commission (ASIC), outlining government priorities and ASIC’s expectations.
Statements of expectations are issued by ministers to regulatory bodies within their ministerial portfolios to provide greater clarity on relevant government policies and objectives.
The publication of a new Statement of Expectations for ASIC follows the recent appointment of Mr. Joseph Longo as ASIC President and Ms. Sarah Court as Vice President.
ASIC is an independent statutory body responsible for regulating financial markets, securities, futures and corporations as well as being responsible for consumer protection in pension, insurance and banking. .
A strong and effective ASIC is essential for the efficient functioning of Australia’s financial and business sectors for the benefit of households and businesses.
The statement of expectations makes it clear that the government expects ASIC to contribute to the government’s economic goals, including supporting Australia’s economic recovery from the COVID-19 pandemic and working closely with the government and the Treasury on the implementation of political reforms and in the exercise of its policies. related functions.
The statement further sets out the government’s expectation that the Commission will function as a non-executive body under the leadership of the President, and that the President will be solely responsible for the executive management of ASIC.
ASIC provided the government with a statement of intent in response. It outlines ASIC’s priorities to contribute to the government’s economic goals and recovery from the COVID-19 pandemic. It also defines the modalities of governance and executive management of ASIC, as well as the way in which it intends to work with the government, the Treasury, other regulators and regulated entities.
The Government’s Statement of Expectations and ASIC’s Statement of Intent are available at ASIC website.