Updated 29 July 2023.
Given the number of current and on-going inquiries into ASIC, it is as if the regulator were a wild renegade, calling for constant review and attack. One might have some sympathy for ASIC’s position.
To keep track of these inquiries, this is a list of the current or on-going reviews of ASIC:
1. The Financial Regulator Assessment Authority reviewed ASIC in a report of August 2022. Its next review will be in 2024.
2. The parliamentary joint committee (PJC) on corporations and financial services is to review ASIC – “ASIC’s capacity and capability to respond to reports of alleged misconduct” – with a report due by June 2024.
3. That same PJC reviewed ASIC in the context of its report into corporate insolvency of 12 July 2023. A number of recommendations refer to ASIC, directly or indirectly, and in relation to ASIC’s enforcement role.
4. The Senate Economics References Committee is also reviewing ASIC in similar terms to the PJC – “the capacity and capability of the Australian Securities and Investments Commission to undertake proportionate investigation and enforcement action …” – with a report due June 2024. An interim report of June 2023 has issued as to claims by ASIC of public interest immunity. That has been referred to the Senate on 2 August 2023: Australian Securities and Investments Commission investigation and enforcement – Parliament of Australia (aph.gov.au)
5. The PJC also has an on-going role in its “Oversight of ASIC, the Takeovers Panel and the Corporations Legislation”, the last hearing being 8 June 2023. That dealt with matters relating to the delayed implementation of the ASX CHESS Replacement Project, including the relevant oversight arrangements. A report on ASIC Licence Transfers was issued in July 2023.
6. Overall, there will no doubt also be a review of the government’s statement of expectations for ASIC, of 2021.
There may be more, in which case, please let me know.
