ASIC can’t meet its mandate, inquiry finds
- john3994
- Jul 4, 2024
- 1 min read
The Senate’s standing committee on economics has found the Australian Securities and Investments Commission (ASIC) is not fulfilling its remit as a corporate regulator.
In 2021-22, ASIC had an annual budget of $422 million and 1,947 staff. That year, it was responsible for more tha 95,000 entities including 1,841 public companies, 6,288 financial services licensees and 1,183 securities dealers.
In the final report, committee chair Andrew Bragg wrote the commission’s workload had become “insurmountable”.
“ASIC’s remit is one of the widest of any corporate regulator in the world. Indeed, ASIC’s remit has become so large that it now uses significant resources just to strategically prioritise its regulatory efforts,” he said.
“These responsibilities are continuing to grow. This expansive remit presents significant structural and resourcing challenges which constrain ASIC’s approach to investigation and enforcement.
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