Regulator function
ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.
It licences and monitors financial services businesses to ensure that they operate efficiently, honestly and fairly.
ASIC also assesses how effectively authorised financial markets are complying with their legal obligations to operate fair, orderly and transparent markets and supervises trading on Australia’s domestic licensed equity, derivatives and futures markets.
Specifically, under the ASIC Act, ASIC is to:
- maintain, facilitate and improve the performance of the financial system and entities in it;
- promote confident and informed participation by investors and consumers in the financial system;
- administer the law effectively and with minimal procedural requirements;
- receive, process and store, efficiently and quickly, information received;
- make information about companies and other bodies available to the public as soon as practicable; and
- take whatever action necessary to enforce and give effect to the law.
Legislation
- ASIC Act 2001
- Corporations Act 2001
- Business Names Registration Act 2011
- Insurance Contracts Act 1984
- National Consumer Credit Protection Act 2009
- Banking Act 1959
- Life Insurance Act 1995
- Medical Indemnity (Prudential Supervision and Product Standards) Act 2003
- Retirement Savings Accounts Act 1997
- Superannuation (Resolution of Complaints) Act 1993
- Superannuation Industry (Supervision) Act 1993
Regulated community
Financial services businesses that typically deal in superannuation, managed funds, shares and company securities, derivatives and insurance as well as regulating people and businesses engaging in consumer credit activities (including banks, credit unions, finance companies, and mortgage and finance brokers).