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Friday 14 October 2005

05-314 ‘Patrolling a broad territory’ ASIC annual report 2004-05 tabled

The Chairman of the Australian Securities and Investments Commission, Mr Jeffrey Lucy, announced today that the Parliamentary Secretary to the Treasurer, The Hon Chris Pearce MP, had tabled ASIC’s annual report for the 2004-05 financial year.

‘The title of the 2004/05 Annual Report, Patrolling a broad territory, reflects the fact that ASIC has a broader regulatory landscape than any comparable regulator in the world, yet with a single aim: to promote confidence in Australia’s financial markets, corporations and businesses’, Mr Lucy said.

‘During the 2004/05 year, ASIC has continued its strong record of investigating serious corporate crime and civil misconduct, and overseeing the regulation of a wide range of market and financial services participants.

‘We monitored 13 exchanges and financial markets, oversaw 4,135 licensed financial services businesses and acted against misleading and deceptive conduct in superannuation, insurance, managed funds, deposit accounts and credit.

‘Further, we regulated company fundraising, restructures and wind-ups, and managed a public database of 1.4 million corporations’, Mr Lucy said.

‘Effective enforcement and regulation is essential to maintain the confidence of people in Australia’s financial markets, products and services. Australia has remained prosperous and has outperformed most other economies, underpinned by a strong regulatory framework’, Mr Lucy said.

In highlights of the year, ASIC:

  • brought wrongdoers to justice: HIH directors Rodney Adler, Ray Williams and Terry Cassidy were among 27 criminals jailed for more than 96 years.
  • helped more people by responding to a greater number of complaints: there was 40 per cent more action on reports of crime and misconduct, and ASIC staff answered 40 per cent more phone calls on enforcement, consumer and regulatory issues;
  • promoted stronger markets: ASIC achieved better disclosure for investors, and conducted assessments of new financial markets to create more certainty for business, and
  • assisted companies restructure or merge in transactions worth at least $41 billion.

‘Prior to the introduction of superannuation choice in July 2005, ASIC continued its focus on superannuation, acting against suspect schemes and misinformation. We checked 56 suspect schemes, stopped five of them and distributed four million super publications’, Mr Lucy said.

‘ASIC’s financial results show that the organisation raised $531 million for the Commonwealth in fees and charges. There was a small increase in our expenses of $208 million, largely to sustain ASIC operations and to increase enforcement activities and surveillance of company auditors’, Mr Lucy added.

Mr Lucy concluded by saying, ‘This report demonstrates the continued delivery of strong results by ASIC staff. Some of this work has been recognised through a number of national and international awards, featured on the back cover of this annual report. The Commission thanks them for their professionalism and commitment’.

End of release

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Last updated: 30/03/2021 09:34