Description
ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.
ASIC is an independent Australian Government body. We are set up under and administer the Australian Securities and Investments Commission Act 2001 (ASIC Act), and we carry out most of our work under the Corporations Act.
Our role under the ASIC Act is to:
maintain, facilitate and improve the performance of the financial system and entities in it
promote confident and informed participation by investors and consumers in the financial system
administer the law effectively and with minimal procedural requirements
receive, process and store, efficiently and quickly, information we receive
make information about companies and other bodies available to the public as soon as practicable
take whatever action we can, and which is necessary, to enforce and give effect to the law.
Legislation enacted in 2019 strengthened the criminal and civil penalties for financial sector misconduct and introduced a design and distribution obligations regime for financial services firms and a product intervention power for ASIC:
