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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:
- to inquire into, and report to both Houses on:
- 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 s.243(a)(i).
1.3
In undertaking this oversight function, the committee has
inevitably focused on matters of a controversial nature, or areas where there
may be scope for ASIC to improve the way in which it carries out its
responsibilities. Despite this, the committee remains satisfied that ASIC
continues to carry out its functions in accordance with the provisions of the
corporations legislation.
Public hearing
1.4
The committee held a public hearing on 13 June 2006 to examine matters
falling within ASIC's regulatory jurisdiction. Evidence was provided by Mr
Jeffrey Lucy,
Chairman of ASIC and Mr Jeremy
Cooper, Deputy Chairman.
1.5
A copy of the Hansard transcript from the hearing has
been tabled for the information of the Parliament. It is also available online
at http://www.aph.gov.au/hansard/joint/commttee/J9461.pdf.
Additional information
1.6
A number of questions were placed on notice at the
hearing. Those questions and ASIC's responses are at Appendix 2.
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