This consultation process was part of the Capability review of ASIC.
In undertaking the review, the Panel consulted extensively with businesses regulated by ASIC, peak bodies, regional and consumer representatives, regulators and other stakeholders, as well as ASIC staff and leadership. The methodology of the review involved extensive consultation, including stakeholder interviewing, surveys of ASIC staff and stakeholders (the regulated population, business, consumers, and practitioners), discussions with peer domestic and international regulators, and assessment of public and internal ASIC documentation and data.
The Panel met with over 300 stakeholders from more than 200 organisations. The Panel engaged with Government agencies, lawyers, consumer advocacy groups, market operators and stockbrokers, accounting firms, consulting firms, industry groups, domestic and international regulators, ASIC regulated stakeholder, technology and research organisations, industry and regulatory experts, academics and members of the Australian Superior and Appellate Courts, and other stakeholders.
In addition to external stakeholder consultation, the Panel also engaged extensively with ASIC, including through:
- Observing meetings of the Full Commission, 5 of ASIC’s external panels and the Australian Financial Literacy Board;
- Ongoing group and individual meetings with ASIC Commissioners and SEL during the course of the Review;
- Presenting Review progress reports to all ASIC staff via videolink;
- Convening an ASIC Regional Commissioners Roundtable;
- Attending an ASIC Regional Commissioner Meeting (Adelaide) and an ASIC hosted Regional Stakeholder Function (Adelaide);
- Convening a number of thematic and topic based meetings with Commissioners and SELs;
- Initiating 2 internal ASIC staff and ASIC leadership surveys.
The Panel was also able to draw on PwC’s evidence report, as commissioned by the Capability Review.