Australian Securities and Investments Commission
Encyclopedia
The Australian Securities & Investments Commission (ASIC) is an independent Australian government body that acts as Australia
's corporate regulator. ASIC's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors.
The corporate regulator became the Australian Securities & Investments Commission (ASIC) on 1 July 1998, when it also became responsible for consumer protection in superannuation, insurance, deposit taking. It has since gained further responsibilities: in 2002 for credit, the Australian Stock Exchange
in 2009, and Chi-X
in 2011.
ASIC's consumer website www.moneysmart.gov.au was launched on 15 March 2011. MoneySmart
replaced ASIC's two previous consumer websites, FIDO and Understanding Money. MoneySmart aims to help people make good financial decisions by providing free, independent and unbiased information, tools and resources.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
's corporate regulator. ASIC's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors.
Related legislation
ASIC administers a range of legislation (or relevant parts of Acts), as well as relevant regulations made under it:- Corporations Act 2001Corporations Act 2001The Corporations Act 2001 , sometimes referred to just as the Corporations Act , is an act of the Commonwealth of Australia that sets out the laws dealing with business entities in Australia at federal and interstate level...
- Australian Securities and Investments Commission Act 2001
- Insurance Contracts Act 1984
- National Consumer Credit Protection Act 2009.
History
ASIC was originally formed as the Australian Securities Commission (ASC), which came into being on 1 January 1991 in accordance with the (then) ASC Act 1989. The purpose of the ASC was to unify corporate regulators around Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices of the states and territories.The corporate regulator became the Australian Securities & Investments Commission (ASIC) on 1 July 1998, when it also became responsible for consumer protection in superannuation, insurance, deposit taking. It has since gained further responsibilities: in 2002 for credit, the Australian Stock Exchange
Australian Stock Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
in 2009, and Chi-X
Chi-X
Chi-X Europe is a London-based, order-driven pan-European equity exchange, or Multilateral Trading Facility . It is an alternative exchange and trades equities that are listed on primary exchanges such as the London Stock Exchange, Frankfurt Stock Exchange, Euronext and OMX...
in 2011.
Areas of responsibility
ASIC's areas of responsibility include:- corporate governance
- financial services
- securities and derivatives
- insurance
- consumer protection
- financial literacy.
ASIC's consumer website www.moneysmart.gov.au was launched on 15 March 2011. MoneySmart
MoneySmart (website)
MoneySmart is a project of the Australian Securities & Investments Commission that comprises a website, publications and education programs. It provides information and tools to help people make financial decisions...
replaced ASIC's two previous consumer websites, FIDO and Understanding Money. MoneySmart aims to help people make good financial decisions by providing free, independent and unbiased information, tools and resources.
See also
- Australian Accounting Standards BoardAustralian Accounting Standards BoardThe Australian Accounting Standards Board is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy...
- Australian Prudential Regulation AuthorityAustralian Prudential Regulation AuthorityThe Australian Prudential Regulation Authority is a statutory authority and the prudential regulator of the Australian financial services industry.-Regulatory scope:...
- Australian Registered Scheme NumberAustralian Registered Scheme NumberAustralian Registered Scheme Number is a nine digit number issued to Australian managed investment schemes by Australian Securities and Investments Commission. The number is required to be printed on all material, and is similar to an Australian Business Number and Australian Company Number.-...
- Australian Takeovers PanelAustralian Takeovers PanelThe Australian Takeovers Panel is a statutory entity based in Melbourne, Australia. It is the primary Australian forum for resolving disputes about a takeover bid during the bid period itself...
- Economy of AustraliaEconomy of AustraliaThe economy of Australia is a developed, modern market economy with a GDP of approximately US$1.23 trillion. In 2011, it was the 13th largest national economy by nominal GDP and the 17th largest measured by PPP adjusted GDP, representing about 1.7% of the World economy. Australia was also ranked...
- Reserve Bank of AustraliaReserve Bank of AustraliaThe Reserve Bank of Australia came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank to it....
- Securities CommissionSecurities CommissionSecurities Commission a statutory body entrusted with the responsibility of regulating and systematically developing the capital markets in Malaysia.-History:...
External links
- Australian Securities & Investments Commission
- MoneySmart - the consumer website of Australian Securities & Investments Commission