What is ASIC – The Australian Securities and Investments Commission?
ASIC is the regulatory and enforcement agency established by the Australian Securities and Investments Commission ACT (ASIC ACT).
The Act requires the Australian Securities and Investments Commission to ensure fairness and transparency in the Australian financial markets, and to promote fair trade between the participants.
Who Does the ASIC regulate?
The Australian Securities and Investments Commission regulates Australian companies, financial markets, financial services organizations and professionals who deal in or advise in insurance, superannuation, investments, deposit taking and credit.
The Australian Securities and Investments Commission originally began, in 1991, as the Australian Securities Commission (ASC), in accordance with what was then called the ASC Act of 1989 following recommendations from the Wallis Inquiry.
The driving purpose behind the formation of the ASC was the consolidation of Australia’s two corporate regulators.
The ASC Act consolidated the “National Companies and Securities Commission (SCSC)”, and the “Corporate Affairs” offices across the various states and territories into one unified organization.