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What Is ASIC ?

What is ASIC ?

The Australian Securities and Investments Commission (ASIC) is an independent Australian Government body that acts as Australia’s corporate regulator.

The role of ASIC is to regulate and enforce company and financial services laws within Australia to protect Australian consumers, creditors and investors.  ASIC reports to the Treasurer who is responsible for (amongst others) Corporations Act 2001 legislation.

ASIC maintains Australia’s company and business name registers.

ASIC was originally formed as Australian Securities Commission (ASC) on January 1, 1991.  The purpose then of ASC was to unify corporate regulators around Australia by replacing the National Companies and Securities Commission and the corporate Affairs offices of the states and territories.  ASC became ASIC on July 1 1998 when it also became responsible for consumer protection in superannuation, insurance and deposit taking.  In 2002 it gained extra responsibilities for credit, in 2009 for the Australian Stock Exchange and in 2011 Chi-X.

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Information for this article was sourced from Wikipedia.

 

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