On 19 October 2016, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, announced a taskforce to review the enforcement regime of the Australian Securities and Investments Commission (ASIC).
The Taskforce is led by a Panel chaired by Treasury, and includes senior representatives from ASIC, the Attorney-General’s Department, and the office of the Commonwealth Director of Public Prosecutions, with support from an Expert Group drawn from academia and legal experts recognised for their expertise in corporations, consumer, financial and credit law. The Expert Group will provide ongoing advice and feedback to the Panel in preparing its report and recommendations.
The Taskforce report was provided to the Government in December 2017. In formulating its recommendations, the Taskforce considered submissions from a range of stakeholders including peak industry bodies, consumer groups, professional associations, and domestic and international regulators.
The Government response to the Taskforce report agrees, or agrees-in-principle, to all recommendations of the Taskforce.