ASIC Enforcement Review Taskforce

18 days left to have your say
Date
-
Consultation Type
Exposure Draft

The ASIC Enforcement Review Taskforce Report made a number of recommendations relating to Search Warrants, Access to Telecommunications Intercept Material, Licensing and Banning Orders.

On 16 April 2018, the Government released its response to the Report, agreeing to implement all of those recommendations.

The Government is today releasing draft legislation for public comment which implements those recommendations. The draft legislation:

  • Strengthens ASIC's licensing powers by replacing the AFS License requirement that a person be of 'good fame and character' with an on-going requirement that they be a 'fit and proper person'.
  • Aligns the penalties for false and misleading statements in AFS and Australian Credit License applications.
  • Extends ASIC's powers so that they may ban a person from performing functions in a financial services or credit business. The legislation also expands the grounds on which ASIC can issue banning orders.
  • Harmonises ASIC's Search Warrant powers across different Acts and brings them into line with the search warrant powers in the Crimes Act.
  • Allows interception agencies to provide lawfully intercepted information to ASIC for serious offences that ASIC can investigate or prosecute.

Key Documents

Access to telecommunications interception information Exposure draft [PDF 25KB]

Access to telecommunications interception information Exposure draft [DOCX 66KB]

Access to telecommunications interception information Explanatory materials [PDF 74KB]

Access to telecommunications interception information Explanatory materials [DOCX 77KB]

Banning orders Exposure draft [PDF 91KB]

Banning orders Exposure draft [DOCX 90KB]

Banning orders Explanatory materials [PDF 219KB]

Banning orders Explanatory materials [DOCX 116KB]

Search warrants Exposure draft [PDF 90KB]

Search warrants Exposure draft [DOCX 74KB]

Search warrants Explanatory materials [PDF 101KB]

Search warrants Explanatory materials [DOCX 88KB]

Licensing Exposure draft [PDF 109KB]

Licensing Exposure draft [DOCX 90KB]

Penalties Exposure draft [PDF 46KB]

Penalties Exposure draft [DOCX 74KB]

Licensing and Penalties Explanatory materials [PDF 205KB]

Licensing and Penalties Explanatory materials [DOCX 106KB]

Related Content

Responding

You can submit responses to this consultation up until 09 October 2019. Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines for further information.

How To Respond

Email

ASICenforcementreview@TREASURY.GOV.AU

Post

Address written submissions to:

Manager
Regulator Powers Reform Unit
Financial Services Reform Taskforce
Treasury
Langton Cres
Parkes ACT 2600

Enquiries

Email: ASICenforcementreview@TREASURY.GOV.AU
Phone: +61 2 6263 2111