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Consultation On New ASIC Powers To Strengthen Financial Regulators

Media Releases

Date : 11 September 2019

Author: The Hon Josh Frydenberg MP

The Hon Josh Frydenberg MP
Treasurer

MEDIA RELEASE

11 September 2019

TAKING ACTION ON THE BANKING, SUPERANNUATION & FINANCIAL SERVICES INDUSTRY ROYAL COMMISSION – CONSULTATION ON NEW ASIC POWERS TO STRENGTHEN FINANCIAL REGULATORS

The Morrison Government is continuing to deliver on the commitments set out in its Banking, Superannuation and Financial Services Industry Royal Commission Implementation Roadmap Restoring Trust in Australia’s Financial System.

Today the Government has announced consultation on exposure draft legislation which will strengthen the Australian Securities and Investments Commission (ASIC) enforcement and supervision powers to protect consumers, in line with the recommendations of the ASIC Enforcement Review Taskforce.

The draft legislation:

The exposure draft legislation is further evidence of the Government’s commitment to strengthening financial regulators like ASIC, and restoring trust in the financial system as part of our plan to build a stronger economy.

Exposure draft legislation is available on the Treasury website. Consultation closes on 9 October 2019.

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