Australian Securities and Investments Commission – Australia

The Australian Securities and Investments Commission (ASIC) is Australia’s regulator for corporate, markets, financial services, and consumer credit. Established in 1991, ASIC aims to ensure the integrity of the financial system and protect consumers, investors, and creditors.

History

ASIC started as the Australian Securities Commission (ASC) in 1991, replacing the National Companies and Securities Commission. In 1998, it became ASIC and gained additional responsibilities in consumer protection. The ASIC Act of 2001 defined its role, and it has since expanded to include regulating consumer credit and market supervision​.

ASIC Key Functions

1. Corporate Regulation: Registers companies, monitors compliance, and enforces corporate laws.
2. Financial Services: Oversees financial services providers and ensures fair and transparent practices.
3. Consumer Protection: Regulates credit providers and enforces responsible lending.
4. Market Supervision: Monitors trading activities and enforces market integrity rules.
5. Insolvency: Regulates insolvency practitioners and manages insolvency processes​.

Structure and Operation

ASIC operates independently under the ASIC Act, reporting to the Treasurer. It is funded by the government and industry levies. The organization is structured to cover corporate regulation, financial services, market supervision, and consumer protection​.