Legislation gives market supervisory powers to ASIC
The Australian Securities and Investments Commission (ASIC) will take on supervision of Australia’s financial markets as of the third quarter of 2010.
Legislation that removes the obligation on Australian market licensees to supervise their markets has passed the Senate.
“The transfer of supervision to ASIC is important for ensuring the continued integrity of Australia’s financial markets and will contribute to the goal of making Australia a financial hub,” said Minister for Financial Services, Superannuation and Corporate Law Chris Bowen.
The bill also provides ASIC with additional powers. It can now put in place, and then enforce, rules regarding trading on domestic markets.
AUTHOR
Caroline Munro
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