THE Australian Securities and Investments Commission (ASIC) will appear before the House Economics Committee at a public hearing on Wednesday, October 16, 2019, as part of its review of the regulator’s performance.
Committee chair, Tim Wilson MP, said, "The hearing will provide the committee with the opportunity to question ASIC on its performance and operation and, in particular, how it is implementing the recommendations of the Hayne Royal Commission’.
"A common theme across the Royal Commission was that ASIC needs to take a stronger stance on enforcement. Australians expect the big banks and others to fear their regulator. There were too many examples where ASIC had not adequately penalised those it regulates.
"Since the committee’s last hearing with ASIC, the government has passed a comprehensive package of legislation that broadens and strengthens ASIC’s powers as well as providing a range of tougher penalties for wrongdoers," Mr Wilson said.
"The committee will scrutinise ASIC on its new enforcement strategy and supervisory approach as well as its efforts to restore trust, eliminate conflicts of interest, and raise standards of professionalism in Australia’s financial services industry."
Public hearing details
Date: Wednesday, 16 October 2019
Time: 11.05am to 1.50pm
Location: Committee Room 2R1, Parliament House, Canberra
The hearings will be broadcast live at aph.gov.au/live.