The ‘Australian Securities and Investments Commission,’ an autonomous government entity founded in 1998, is in charge of regulating financial businesses, corporates, financial markets, investment advisors, insurance providers, Forex brokerage firms and other monetary bodies in Australia. The ASIC was first established as the ‘Australian Securities Commission’ (ASC) in 1991 responsible for uniting Australian regulators. The regulatory body of ASIC is empowered to assess the efficiency of financial markets and revoke, suspend or grant licenses to the banks, credit unions, finance companies, and mortgage and finance brokers. The organization oversees Australia’s domestic licensed equity, derivative securitiess, and futures markets in addition to its overall economic integrity to ensure a fair and transparent market environment for the growth and prosperity of the country’s economy. The ASIC is held accountable by the ‘Commonwealth Parliament’ and the ‘Treasurer and the Parliamentary Secretary.’ It plays the role of a facilitator for financial systems and promotes investing endeavors which require surgical administration of the laws and other procedural necessities along the way. Moreover, the ASIC makes sure that information about companies, businesses, and financial service providers is accessible to the public in a transparent manner. This Australian supervisory body works side by side international organizations, foreign regulators as well as other law enforcement authorities concerning investigations, surveillance, licensing, compliance, etc. The ASIC is part of several prominent international regulatory forums including the ‘International Organization of Securities Commissions’ (IOSCO).
The laws and provisions laid down by ASIC enable it to enforce administrative decisions regarding the registration of businesses, managed investment plans, auditors and liquidators, granting service and credit licenses to Australian financial corporates, following up on the set laws to ensure the morality of financial markets, putting a stop to financial products under defective disclosure documents, running regular investigations into financial entities for possible breach of contracts, announcing infringement notices for the alleged violation of the laws, prohibiting from further financial activities, pursuing civil penalties from the courts, and finally prosecuting those who deemed themselves above the law.