Statement of Intent: Australian Securities and Investments Commission - August 2021
This Statement of Intent outlines how ASIC will achieve our objectives, carry out our functions and exercise our powers in discharging our responsibilities. This Statement responds to the Government’s Statement of Expectations for ASIC, and should be read alongside that document, as well as the laws that apply to us and those which we administer.
Support for economic goals and COVID pandemic recovery
We intend to contribute to the Government’s economic goals and COVID pandemic recovery by identifying and pursuing:
ways to maintain and improve the fair and efficient operation of capital markets and the corporate sector, to facilitate business investment and confident participation by investors in the financial system;
opportunities to continuously improve our performance, including, through the work of a purpose-specific unit, to change the way we administer the law to minimise the costs and burdens of regulatory requirements for our regulated population and consumers;
additional ways to promote innovation, competition and a digital economy, including through our Innovation Hub and the Regulatory Sandbox, considering competition in our regulatory work, and working with industry and other regulators to enhance cyber-resilience;
further opportunities to expand our use of data and digital technology to inform markets and consumers, and support faster and better regulatory outcomes; and
continued ways to facilitate novel business models and transactions, including through the exercise of our regulatory relief powers as appropriate.
In keeping with Section 21 of the Public Governance Performance and Accountability Act 2013, the Chair as Accountable Authority will govern ASIC in a way that is not inconsistent with the policies of the Australian Government.
While ASIC will act independently in carrying out our regulatory functions and making regulatory decisions, we remain committed to working with Government, Treasury and other regulators. We will consult with Government and Treasury on our policy-related functions.
We will also continue to enhance our cooperation with other regulators, especially the Australian Prudential Regulation Authority, to share information, avoid duplication and promote common approaches to regulation.
Stakeholder engagement and guidance
Where guidance and other communication is needed to provide clarity on how we will exercise our powers, it will be clear, and will assist businesses to comply with the law flexibly with minimum compliance costs.
Where we provide guidance to our regulated population about good practice, it will be clearly identified as such, rather than a legal requirement.
We will actively and transparently engage with stakeholders and take their feedback into account when making regulatory decisions.
Use of regulatory tools
We will use our full suite of regulatory tools in a targeted and proportionate way, to identify and reduce the risk of misconduct in the markets and sectors we regulate. We will focus our enforcement action on areas of greatest harm, and take an active and targeted approach to enforcement.
On organisational matters, ASIC’s Chair will have sole executive management responsibility. As Accountable Authority the Chair will rely on and use ASIC’s key senior executives to carry out day to day management activities and deal with operational issues. The Chair will delegate functions where he considers this would benefit the executive management of ASIC.
ASIC’s Commission will act as a strategic non-executive body focusing on high-level regulatory and statutory decision-making and stakeholder management, and continue to provide support to the Chair on organisational oversight.
ASIC’s governance and accountability framework sets out the roles and responsibilities of the Chair and the Commission.
Corporate Plan and annual report
We will include this Statement of Intent in our Corporate Plan and explain how our strategic priorities and work programs support it. We will explain how we will strive to adopt the principles in the Government’s Regulator Performance Guide and include reporting against these in our annual report.