In case you didn’t know… the Australian Securities and Investments Commission (ASIC) has stepped up its commitment to better regulation initiatives by launching a guide to how the regulator works.

Chairman Jeffrey Lucy says the commission is required to administer the laws it makes to maintain public confidence. ASIC also introduced the guide to promote confident and informed consumer participation in the financial industry.

“We are required to achieve these aims with a minimum of procedural requirements and cost so as to enhance the efficiency and development of the economy,” he said.

“One of the ways we can achieve this is to promote a wider understanding of how we seek to meet those aims.”

The guide is produced on the heels of ASIC’s Service Charter of ASIC expectations from market players and processing timelines for applications and requests.

Mr Lucy says the guide explains all responsibilities and key functions of ASIC and its role as a regulator. “ASIC’s ability to achieve its aims is improved if its processes are more transparent and accessible,” he said.

“We want our stakeholders to see how the regulatory system works, how we make decisions and how our decisions tie into the role Parliament requires us to play.”