New-look ASIC takes first steps
The Australian Securities and Investments Commission (ASIC) officially began operating under a new structure yesterday after a 12-month strategic review of its practices revealed the need for quicker reaction times and greater responsiveness.
As well as the managerial changes Money Management reported last week, ASIC has also committed additional resources to its surveillance operations and market research, while encouraging a better balance between national and regional initiatives.
In terms of its new structure, ASIC has replaced the four previous ‘silo’ directorates with 18 teams covering areas of the financial economy such as retail investors and consumers, investment managers, investment banks, superannuation funds and financial advisers.
Going forward, it plans to establish an external advisory panel, which will provide information and guidance on market developments and potential systemic issues.
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