Home / Regulatory & Government / Consultation begins on new ASIC powers
16 September 2019
Treasury is seeking feedback on its draft legislation that would expand the supervisory powers of the Australian Securities and Investments Commission (ASIC).
The consultation covers recommendations the ASIC Enforcement Review Taskforce submitted in December 2017 to the Coalition Government, which agreed last year in principle to go ahead with the proposals.
Among the changes are amendments to the Telecommunications Interception Information Act to allow the corporate regulator to receive and use intercepted data for investigating and prosecuting serious offences.
Submitting false or misleading documents could see an individual jailed for five years.
“The exposure draft legislation is further evidence of the government’s commitment to strengthening financial regulators like ASIC and restoring trust in the financial system as part of our plan to build a stronger economy,” a statement from the office of Treasurer Josh Frydenberg says.
The draft legislation also:
The closing date for submissions is October 9.
For more information, click here.
Meanwhile, ASIC has provided an update on actions it has taken in response to the recommendations made by the Hayne royal commission in its final report.
“This update, outlining as it does the progress in pursuit of ASIC’s renewed enforcement mandate, should indicate the sense of urgency and significance that the ASIC Commissioners and staff are bringing to the task,” Chairman James Shipton said.
“It also demonstrates that we will continue to use all of the regulatory tools at our disposal to deliver a fair, safe and efficient financial system for all Australians.”
Click here for the update.