Australian Securities and Investments Commission

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The Australian Securities & Investments Commission (ASIC) is an independent Australian government body that acts as Australia's corporate regulator. ASIC's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors.

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[edit] Related legislation

ASIC administers the following legislation (or relevant parts of it), as well as relevant regulations made under it:

  • Corporations Act 2001
  • Australian Securities and Investments Commission Act 2001
  • Insurance Contracts Act 1984
  • Superannuation (Resolution of Complaints) Act 1993
  • Superannuation Industry (Supervision) Act 1993
  • Retirement Savings Accounts Act 1997
  • Life Insurance Act 1995
  • Medical Indemnity (Prudential Supervision and Product Standards) Act 2003

[edit] History

ASIC was originally formed as the Australian Securities Commission (ASC), which came into being on 1 January 1991 in accordance with the ASIC Act 1989. The purpose of ASC was to unify corporate regulators around Australia by replacing the National Companies and Securities Commission and the Corporate Affairs offices of the states and territories.

The corporate regulator became the Australian Securities & Investments Commission (ASIC) on 1 July 1998, when it also became responsible for consumer protection in superannuation, insurance, deposit taking and, from 2002, credit.

The Australian Securities and Investments Commission, commonly referred to as the ASIC, is the Australian governing body which has primary responsibility for enforcing and regulating company and financial services laws to protect consumers, investors and creditors. The ASIC is an independent Australian government body which has regulated financial markets, securities, futures and corporations since January 1991. Starting in 1998, ASIC became responsible for consumer protection in pension, insurance, deposit taking and starting in 2002, became responsible for credit. ASIC reports to the Parliament of Australia, the Treasurer of Australia and the Parliamentary Secretary to the Treasurer.

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Law enforcement in Australia
Federal: Australian Competition and Consumer Commission | Australian Crime Commission | Australian Customs Service | Australian Federal Police | Australian Quarantine and Inspection Service | Australian Securities and Investments Commission
State/Territory: Australian Capital Territory Police| New South Wales Police | Northern Territory Police | Queensland Police | South Australia Police | Tasmania Police | Victoria Police | Western Australia Police
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