On 24 July 2015, the then Assistant Treasurer, the Hon. Josh Frydenberg MP, announced a review to consider the capabilities of the Australian Securities and Investments Commission (ASIC).
The Capability Review forms part of the Government's response to the Financial System Inquiry (FSI) which recommended periodic reviews of the capabilities of financial and prudential regulators, commencing with a review of ASIC in 2015 to ensure it has the skills and culture to carry out its role effectively.
Findings of the Capability Review will also provide information to assist the Government's consideration of the FSI recommendation for ASIC's regulatory activities to be funded by industry.
The Review was led by an Expert Panel, chaired by Ms Karen Chester with Mr Mark Gray and Mr David Galbally AM QC as members, and supported by a team of public and private sector personnel.
The Panel made 34 recommendations. The Government is progressing the five recommendations addressed to it and welcomes ASIC’s Implementation Plan to address the remaining recommendations or the objective of those recommendations. ASIC’s Implementation Plan is available on the ASIC website.