A presentation by Jillian Segal, Deputy Chair of ASIC, to the Faculty of Law, University of Sydney, 'Financial Markets and the Internet' conference, Sydney, 31 May 2001.
Introduction
Professor Coffee, in presenting his American perspective on the difficulties of adapting an old statute to new technology, sums up the SEC approach as 'two steps forward, one step back'.
I would like to argue that ASIC's approach may be characterised as stepping consistently, but carefully, forward, treading lightly and being innovative, but, of course, carrying a big stick.
It is not necessary in this forum to detail the changes we have witnessed in recent years through the growth of e-commerce and the development of the 'new economy'. Suffice to say, that the business models of today challenge the existing legislative and regulatory framework and impose issues for governments, regulators, industry participants and consumers. Globalisation and the cross-border nature of e-commerce have added a further dimension of complexity.