ASIC on track to assume market supervision
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The Australian Securities and Investments Commission (ASIC) is expected to assume supervision of Australian financial markets from August.
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, indicated the August transfer of responsibility to ASIC at the same time as releasing an exposure draft of the underlying regulations.
However, he said a transfer would not take place until he was “completely satisfied that all the necessary preparations have been made and systems are in place to ensure as smooth a handover as possible”.
The exposure draft of the proposed regulations provides details of how the new regime will work, including outlining transitional and grandfathering arrangements.
AUTHOR
Mike Taylor
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