ASIC in 2014: Areas of focus and expected changes to the regulatory landscape
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission, to the Governance, Risk and Compliance (GRC) conference, 31 October 2013.
It’s a real pleasure to be addressing so many governance, compliance and risk professionals. You are not only important gatekeepers for your organisation, but you also play a role in upholding the resilience of our financial system.
Today, I wanted to speak on an area of focus for ASIC – that is, responding to the challenges posed by financial-innovation driven complexity. Before I speak about financial-innovation driven complexity, I thought I’d provide a brief overview of ASIC.
ASIC has a growing regulatory remit in financial services and markets. We operate in a dynamic and complex environment. In this environment, we remain committed to achieving our strategic priorities:
confident and informed investors and financial consumers
fair and efficient markets
efficient registration and licensing.
A key force in shaping our current environment is market-based financing, which we largely regulate. It’s seen as a key source of funding economic growth in the coming decades.