Opening statement to Senate Estimates by Greg Medcraft, Chairman, Australian Securities and Investments Commission, 22 October 2014
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I would like to briefly address our response to this Committee’s Inquiry into ASIC’s performance.
Consistent with my statement to the PJC in June, ASIC has welcomed the Senate Inquiry and we have used our lessons from the Inquiry to do a better job.
We have been improving our processes and procedures to address the concerns raised. This involves three main elements:
first, improving our communication across the board second, a focus on identifying emerging risks, and third, a commitment to strong and swift enforcement action.