ASIC: Everything you need to know
|Level 5/100 Market St, Sydney, New South Wales 2000, Australia
|Independent government body
|Jim Chalmers (treasurer of Australia)
Joseph Longo (chairman), Karen Chester (deputy chair) Sarah Court (deputy chair)
The Australian Securities & Investments Commission (ASIC) is the country’s corporate, markets, financial services, and consumer credit regulator. Set up under the Australian Securities and Investments Act 2001 (ASIC Act), the independent government body is tasked to:
ASIC has offices and staff, including a regional commissioner, in each state and territory capital.
ASIC, which reports to Australia’s treasurer, administers and enforces a range of legislation. This includes:
The body also administers parts of the following legislation:
These laws give ASIC the power it needs to perform its duties, which are designed to protect consumers against misconduct and harm relating to financial products and services. Among these are the power to:
|Register and license
ASIC began operating in 1991 as the Australian Securities Commission (ASC), replacing the National Companies and Securities Commission (NCSC) and the Corporate Affairs offices of the states and territories.
In 1998, the body was renamed the Australian Securities and Investments Commission and took on responsibility for consumer protection in superannuation, insurance, and deposit taking. ASIC’s role, functions, and powers were set out in the Australian Securities and Investments Commission Act 2001 (ASIC Act).
In 2010, the body took on additional responsibilities, including regulating trustee companies, consumer credit, and finance broking, and supervising trading on Australian-licensed equity, derivatives, and futures markets.
Starting July 2019, all ASIC’s staff are employed under the ASIC Act to ensure it attracts and retains people with capabilities to deliver improved market outcomes for all Australians.
Leadership at ASIC
Joseph Longo – chairman and accountable authority
Longo commenced as chairman of ASIC in June 2021. He was also the national director of enforcement of the body for five years, responsible for the coordination and direction of all enforcement and litigation activities.
Longo recently served as a senior adviser at major law firm Herbert Smith Freehills, specialising in regulatory matters, enforcement, commercial law, and internal legal matters. He was also a former partner at the firm.
Longo was also the general counsel for Deutsche Bank in London and Hong Kong for 17 years, advising on a range of regulatory issues, governance, infrastructure, and non-financial risk. He holds a Bachelor of Jurisprudence and a Bachelor of Laws from the University of Western Australia and a Master of Laws from Yale Law School.
ASIC adopts a “people strategy” that focuses on ensuring that it recruits and retains exceptional staff from a variety of disciplines with the relevant skills, experience, and capabilities.
The body is also committed to workplace diversity and fostering an inclusive environment where all employees, stakeholders, and the communities they serve are treated with fairness and respect.
This commitment is supported by a range of diversity and inclusion initiatives, including the:
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