Not another regulator!
An address by Alan Cameron, AM, Chairman of ASIC to the 1998 Suncorp-Metway Bob Nicol Memorial Lecture, Brisbane, 10 November 1998.
The title of tonight's lecture can be, and probably has been, criticised as ambiguous, confusing, likely to mislead or deceive. It is all of those things. I should know - I devised it. Let me explore some of the possibilities with you.
'Not another regulator' could be an attempt to argue that the Australian Securities and Investments Commission is not, literally, another regulator because it is the Australian Securities Commission with a new name, and additional functions. While it is strictly true that as from 1 July 1998, the former ASC was re-christened and relaunched by a justifiably proud Treasurer, in implementation of the Wallis Report, both the continuities and the discontinuities, between the old ASC, and the new ASIC, need to be understood.
One must first delve back into ancient history to ask: where did the ASC come from?