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Chapter 1
Statutory oversight
1.1
The Parliamentary Joint Committee on Corporations and Financial Services
was established by the Australian Securities and Investments Commission Act
2001. Section 243 specifies the committee's duties, which include:
(a) to inquire into, and report to both Houses on:
(i) the activities of the
Australian Securities and Investments Commission (ASIC) ... or matters connected
with such activities, to which, in the Parliamentary Committee's opinion, the
Parliament's attention should be directed ...
1.2
This report is presented in execution of the committee's duty under
section 243(a)(i).
Gathering evidence
1.3
The committee held a public hearing on 23 June 2010 in Canberra to
examine matters falling within ASIC's regulatory jurisdiction. On 19 July 2010 the
Governor-General prorogued the 42nd Parliament and dissolved the House of
Representatives. As a result of this, the committee was unable to furnish a
report.
1.4
On 24 November 2010 the newly appointed committee of the 43rd Parliament
held an oversight public hearing in Canberra.
1.5
This report reflects evidence taken at both of these hearings. The witnesses
who gave evidence are listed in Appendix 1. A copy of the Hansard transcript
from the hearing has been tabled for the information of the Parliament and is
available on the committee's website.[1]
Additional information
1.6
A number of questions were placed on notice at both hearings. Those
questions, and ASIC's responses to them, are published in Appendix 2.
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