ASIC

ASIC stands for the Australian Securities and Investments Commission.

What is ASIC?

ASIC stands for the Australian Securities and Investments Commission. They are an independent regulatory body in Australia responsible for overseeing and regulating the country's financial markets, financial services, and corporations. 

What is the main role of ASIC? 

Some of the main functions of ASIC include: 

  • Enforcing and regulating company and financial services laws
  • Licensing and monitoring financial market participants
  • Ensuring fair and transparent financial markets
  • Providing information and assistance to consumers regarding financial products and services
  • Receiving reports and tip offs of financial misconduct.

Who keeps ASIC accountable? 

ASIC is accountable to the Australian Parliament through various avenues. The Annual Report, a comprehensive document, is tabled in Parliament, featuring an Annual Performance Statement, compliance updates, audited financial statements, and insights into ASIC's priorities and activities. 

ASIC also annually releases a Corporate Plan on its website, providing information on key strategies and activities over a rolling four-year period, as mandated by Parliament. These practices ensure transparency and keep stakeholders informed about ASIC's endeavours.

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