27th Oct 2022, 12:01 PM – Senate Committees - Economics References Committee - Reference; ASIC

The majority voted in favour of a motion introduced by NSW Senator Andrew Bragg (Liberal), which means the matter below will be referred to the Economics References Committee for their consideration.

Motion text

That the following matter be referred to the Economics References Committee for inquiry and report by the last sitting day in June 2024:

The capacity and capability of the Australian Securities and Investments Commission to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct, with particular reference to:

(a) the potential for dispute resolution and compensation schemes to distort efficient market outcomes and regulatory action;

(b) the balance in policy settings that deliver an efficient market but also effectively deter poor behaviour;

(c) whether ASIC is meeting the expectations of government, business and the community with respect to regulatory action and enforcement;

(d) the range and use of various regulatory tools and their effectiveness in contributing to good market outcomes;

(e) the offences from which penalties can be considered and the nature of liability in these offences;

(f) the resourcing allocated to ensure investigations and enforcement action progresses in a timely manner;

(g) opportunities to reduce duplicative regulation; and

(h) any other related matters.