The Government has released the Effectiveness and Capability Review of the Australian Securities and Investments Commission (ASIC) undertaken by the Financial Regulator Assessment Authority (FRAA).

The review assessed ASIC’s activities in the following areas: strategic prioritisation, planning and decision-making, surveillance and licensing.

The review concluded that ASIC is generally effective and capable in the areas reviewed, although there are important opportunities to enhance its performance.

The FRAA report contains 4 recommendations which focus on ASIC’s data and technology capability, ASIC’s engagement with stakeholders, ASIC’s ability to measure its own effectiveness and capability, and ASIC continuing to broaden its mix of skillsets to meet current and future needs of the organisation.

The FRAA’s next review will assess the effectiveness and capability of the Australian Prudential Regulation Authority (APRA).

ASIC says it has several initiatives underway that align to the FRAA’s recommendations.

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Author: David Jacobson
Principal, Bright Corporate Law
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The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.