ASIC Enforcement Review Taskforce

This consultation process has now been completed.
Date
-
Consultation Type
Exposure Draft

The ASIC Enforcement Review Taskforce Report made a number of recommendations relating to Search Warrants, Access to Telecommunications Intercept Material, Licensing and Banning Orders.

On 16 April 2018, the Government released its response to the Report, agreeing to implement all of those recommendations.

The Government is today releasing draft legislation for public comment which implements those recommendations. The draft legislation:

  • Strengthens ASIC's licensing powers by replacing the AFS License requirement that a person be of 'good fame and character' with an on-going requirement that they be a 'fit and proper person'.
  • Aligns the penalties for false and misleading statements in AFS and Australian Credit License applications.
  • Extends ASIC's powers so that they may ban a person from performing functions in a financial services or credit business. The legislation also expands the grounds on which ASIC can issue banning orders.
  • Harmonises ASIC's Search Warrant powers across different Acts and brings them into line with the search warrant powers in the Crimes Act.
  • Allows interception agencies to provide lawfully intercepted information to ASIC for serious offences that ASIC can investigate or prosecute.

Key Documents

Access to telecommunications interception information Exposure draft [PDF 25KB]

Access to telecommunications interception information Exposure draft [DOCX 66KB]

Access to telecommunications interception information Explanatory materials [PDF 74KB]

Access to telecommunications interception information Explanatory materials [DOCX 77KB]

Banning orders Exposure draft [PDF 91KB]

Banning orders Exposure draft [DOCX 90KB]

Banning orders Explanatory materials [PDF 219KB]

Banning orders Explanatory materials [DOCX 116KB]

Search warrants Exposure draft [PDF 90KB]

Search warrants Exposure draft [DOCX 74KB]

Search warrants Explanatory materials [PDF 101KB]

Search warrants Explanatory materials [DOCX 88KB]

Licensing Exposure draft [PDF 109KB]

Licensing Exposure draft [DOCX 90KB]

Penalties Exposure draft [PDF 46KB]

Penalties Exposure draft [DOCX 74KB]

Licensing and Penalties Explanatory materials [PDF 205KB]

Licensing and Penalties Explanatory materials [DOCX 106KB]

Related Content

Submissions

No submissions are currently available.