The Assistant Treasurer, Hon Josh Frydenberg, has announced a capability review of ASIC. The review will be chaired by Ms Karen Chester with Mr Mark Gray and Mr David Galbally AM QC as members of the review panel.
The review arises out of the government considering the recommendation of the Financial System Inquiry that ASIC to be industry funded.
The review will ‘consider how ASIC uses its current resources and powers to deliver its statutory objectives and assess ASIC’s ability to perform as a capable and transparent regulator’.
The review will consider a range of issues including how ASIC is dealing with emerging risks, undertaking its core activities and the organisations accountability and government structures.
The government has confirmed there will be consultation with ASIC senior executives, ASIC staff and other public sector agencies that deal with ASIC. The Assistant Treasurer has also foreshadowed that there will be consultation with private businesses that interact and are regulated by ASIC as well as with consumer bodies.
There will no doubt be a range of views expressed as to what ASIC is doing well and where further resources need to be directed.
The review is to be completed by the end of 2015. To read the Assistant’s Treasurer’s media release click here.