The new ASIC: Addressing today's challenges and building for the longer term
A speech by Tony D'Aloisio, Chairman, Australian Securities and Investments Commission to the Australian Corporate Lawyers Association (ACLA). Friday, 7 November 2008.
My talk today is, of course, about ASIC. I will make and expand 3 key points:
- First, we have a new ASIC that is well positioned and resourced to meet the regulatory challenges which are ahead under the Corporations Act.
- Second, ASIC has a clear set of priorities, which we are executing against aimed at maintaining and building confidence in the integrity of our markets.
- Third, we are well positioned to participate in the regulatory reform agenda which will follow and, importantly, reforms that should nurture the recovery of our financial markets.
Over and above these 3 points, however, I would like to leave you with an important note of confidence. Our regulatory system is robust and ASIC, as the oversight body for the Corporations Act, is mature and has embarked on what we, at ASIC, believe will be one of our most productive periods, in exercising our powers and performing our functions. 'Exercising our functions to make a real difference in improving confidence in financial markets and protecting investors and consumers'—this is a benchmark against which we will assess ourselves periodically. We conducted our first stakeholder survey last year and published the results on our website and these results provide a base or a starting point.
I have titled my talk 'The new ASIC: Addressing today's challenges and building for the longer term'. This is different to the title in your program. At the time I accepted the invitation to speak, the financial crisis was just starting to unfold. Although the program subject of 'The future direction of regulation in Australia' is quite relevant, and I will cover that direction, what is also important is how we are responding to the financial crisis and hence I have broadened the topic.