Role of the Committee

Appointment of the committee - 45th Parliament

The Parliamentary Joint Committee on Corporations and Financial Services was appointed on 12 September 2016 when the Senate agreed to a resolution from the House of Representatives, passed on 1 September 2016.

Role of the committee

The committee is established by the Australian Securities and Investments Commission Act 2001. Section 243 sets out the duties of the committee as follows:

  1. to inquire into, and report to both Houses on:
    1. activities of ASIC or the Panel, or matters connected with such activities, to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed; or
    2. the operation of the corporations legislation (other than the excluded provisions); or
    3. the operation of any other law of the Commonwealth, or any law of a State or Territory, that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); or
    4. the operation of any foreign business law, or of any other law of a foreign country, that appears to the Parliamentary Committee to affect significantly the operation of the corporations legislation (other than the excluded provisions); and
  2. to examine each annual report that is prepared by a body established by this Act and of which a copy has been laid before a House, and to report to both Houses on matters that appear in, or arise out of, that annual report and to which, in the Parliamentary Committee’s opinion, the Parliament’s attention should be directed; and
  3. to inquire into any question in connection with its duties that is referred to it by a House, and to report to that House on that question.

Name changes

The Committee has had the following name changes in recent Parliaments:

  • Parliamentary Joint Committee on Corporations and Securities-before 2002
  • Parliamentary Joint Committee on Corporations and Financial Services-2002 to the present