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ASIC Enforcement Review

On 19 October 2016, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, announced a taskforce to review the enforcement regime of the Australian Securities and Investments Commission (ASIC).

The Taskforce is led by a Panel chaired by Treasury, and includes senior representatives from ASIC, the Attorney-General’s Department, and the office of the Commonwealth Director of Public Prosecutions, with support from an Expert Group drawn from academia and legal experts recognised for their expertise in corporations, consumer, financial and credit law. The Expert Group will provide ongoing advice and feedback to the Panel in preparing its report and recommendations.

There will also be a Reference Group consisting of a range of stakeholders including peak industry bodies, consumer groups, professional associations, domestic and international regulators, and the judiciary, from which the Panel proposes to seek input.

The Taskforce will report to the Government in 2017 and subsequently will invite submissions from the public on proposed policy responses.

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