Australian Securities and Investments Commission
Section 1: Agency overview and resources
1.1 Strategic direction
Australian Securities and Investments Commission — primary functions and responsibilities
The Australian Securities and Investments Commission (ASIC) is an independent government body established under the Australia Securities and Investments Commission Act 2001 (ASIC Act).
ASIC's objectives, as set out in the ASIC Act are to:
- maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy;
- promote the confident and informed participation of investors and consumers in the financial system;
- administer the laws that confer functions and powers on it effectively and with a minimum of procedural requirements;
- receive, process and store, efficiently and quickly, the information given to ASIC under the laws that confer functions and powers on it;
- ensure that information is available as soon as practicable for access by the public; and
- take whatever action it can, and is necessary, in order to enforce and give effect to the laws of the Commonwealth that confer functions and powers on it.
ASIC's areas of regulatory responsibility include consumer protection and market integrity in the financial services sector, investment management (including the superannuation industry), capital markets (including both primary and secondary capital markets), and corporations and their auditors and liquidators.
ASIC also operates and maintains the corporate register that provides information to the public about Australia's 1.5 million companies, financial services licensees and other professionals registered with ASIC.
In addition, ASIC also provides public and consumer education material through a variety of community outreach activities and programs.
ASIC has around 1,676 staff, with offices in all States.
ASIC's strategic review
ASIC will shortly implement the findings of the strategic review, which commenced in 2007.
The strategic review covers all aspects of ASIC's responsibilities and functions and will establish ASIC's strategic objectives and plans for the next 3‑5 years.
The review has:
- comprehensively reviewed ASIC's external environment and the trends and changes likely to occur over the next 5 years;
- identified external challenges and opportunities likely to confront ASIC in that time frame;
- assessed ASIC's internal environment, the services it provides, its structures, capabilities, and culture, and identified its main strengths and weaknesses and areas for change; and
- benchmarked ASIC against peer organisations domestically and internationally.
A critical input for the review was a detailed stakeholder survey undertaken by ASIC in January and February 2008, which sampled all relevant stakeholder groups. The outcome of this survey provided ASIC with information about the environment in which ASIC will carry out its responsibilities over the next 3‑5 years, and about stakeholders' current and future expectations and attitudes towards ASIC.
ASIC's priorities for 2008‑09
ASIC's priorities for 2008‑09 are:
- helping retail investors: developing initiatives to assist and protect retail investors and consumers in the financial economy;
- capital market integrity: building confidence in the integrity of Australia's capital markets;
- international capital flows and international enforcement: facilitating international capital flows and inward and outward investment in Australia's capital markets, and work with other regulators to detect and deal with international fraud and market misconduct;
- using new technologies to improve services and reduce costs: reducing costs and red tape for small to medium businesses;
- managing implications of global financial turmoil: managing the domestic and international implications of global market turmoil and volatility; and
- lift operational effectiveness and service levels for all ASIC stakeholders: simplify interactions with ASIC and reduce business costs of compliance.
1.2 Agency resource statement
Table 1.1 shows the total resources from all origins. The table summarises how resources will be applied to ASIC.
Table 1.1: Australian Securities and Investments Commission resource
statement — Budget estimates for 2008‑09 as at Budget May 2008
Table 1.1: Australian Securities and Investments Commission resource
statement — Budget estimates for 2008‑09 as at Budget May 2008
(continued)
1. Appropriation Bill (No.1) 2008‑09.
2. Appropriation Bill (No.2) 2008‑09.
3. Receipts received under s31 of the Financial Management and Accountability Act 1997.
4. Estimated adjusted balance carried forward from previous year for annual appropriations.
5. Estimated adjusted balance carried forward from previous year for equity injections.
6. Estimated opening balance for special accounts. For further detail on special accounts see Table 3.1.3.
1.3 Budget measures
Budget measures relating to ASIC are detailed in Budget Paper No. 2, Budget Measures 2008‑09. Table 1.2 provides a summary of government measures and identifies the relevant output groups associated with each measure.
Table 1.2: Australian Securities and Investments Commission 2008‑09
Budget measures
Prepared on a Government Finance Statistics basis.
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