The Treasurer, the Hon Wayne Swan MP and the Hon Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law announced today that the Government will look to ASIC to take over the supervision and surveillance of financial markets and market participants effective third quarter 2010.
Currently this function is performed by ASX Markets Supervision. Market operators such as ASX will retain supervision of listed entities.
Mr Tony D’Aloisio, ASIC Chairman said: ‘I have assured the Government that ASIC can take on these important responsibilities. Following our strategic review in 2007, ASIC is now closer to the market, more accessible, flexible, and able to take emerging trends into account more quickly. We have built up our market skills with a number of senior recruitments with market experience. We will be working closely with ASX to ensure a smooth transition of market surveillance and participant supervision responsibilities to ASIC’.
‘In addition, this will allow for a whole of market approach to market surveillance and participant supervision should the Government issue licences for new trading market operators,’ Mr D’Aloisio said.
More details of ASIC’s implementation plan will follow once the legislative framework has been finalised. In performing its role, ASIC expects to continue to work closely with ASX and industry bodies such as the Australian Financial Markets Association and the Securities and Derivatives Industry Association.
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ASIC Welcomes Government's Announcement On New Supervisory Arrangements For Financial markets
Date 24/08/2009