Australian Securities and Investments Commission (ASIC) - Who Are They?

ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.

ASIC is an independent Australian Government body. It is set up under and administer the Australian Securities and Investments Commission Act 2001 (ASIC Act), and carry out most of our work under the Corporations Act.

The institute's 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 received;
• make information about companies and other bodies available to the public as soon as practicable;
• take whatever action necessary, to enforce and give effect to the law.

IMPORTANT ROLES:

1. Supervises trading on Australia’s domestic licensed equity, derivatives and futures markets.
2. License and monitor financial services businesses to ensure that they operate efficiently, honestly and fairly. These businesses typically deal in superannuation, managed funds, shares and company securities, derivatives and insurance.
3. License and regulate people and businesses engaging in consumer credit activities (including banks, credit unions, finance companies, and mortgage and finance brokers).

You can reach out to the governing institute here.