In October 2022, the Australian Senate Economics Committee launched an inquiry into the Australian Securities and Investments Commission (ASIC) amid widespread concerns that ASIC was failing to enforce Australia’s corporate laws, resulting in significant harm to countless Australians.

That’s an enormous concern because ASIC is Australia’s corporate, markets and financial services regulator. Its role is to ensure that Australia’s financial markets are fair and transparent, and that financial services firms operate within the law. However, the Senate Economics Committee inquiry has revealed substantial shortcomings within ASIC, including a lack of transparency, insufficient prosecutions, and numerous cultural, structural and governance issues.

On 3rd July 2024, the Committee published its report, which includes 11 key recommendations to overhaul Australia’s corporate and financial regulatory structure. Central to these recommendations is the proposal to split ASIC into two separate entities: one focused on corporate regulation and the other on financial services enforcement. This separation aims to provide a more focused and consistent regulatory approach.

Additionally, the report outlines measures to enhance governance and transparency, including a statutory mandate for investigating corporate misconduct and improved public reporting. The recommendations also seek to reduce the financial burden on small businesses by adjusting ASIC’s funding model.

This event will delve into the findings of the Committee, discuss the proposed reforms, and explore how these changes can restore confidence and protection for all Australians. The discussion will also draw comparisons with financial regulation in the UK, with the report providing insights into how financial regulation in the UK could evolve in light of the Australian experience. 

Our event will be of interest to people from both hemispheres, hence our running it at 9:00AM UK time/6:00PM AEST – it will therefore be a great chance to have people from opposite ends of the world discussing a topic of such importance.

Given the opportunity for the potential Australian experience with ASIC to be of ‘pathfinding’ benefit to the UK, we are hoping to also be joined by:

• British Parliamentarians who may have a particular interest in this important development, especially: 
  • Members of the UK’s Treasury Committee; its purpose is as follows: “The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration and policy of HM Treasury, HM Revenue & Customs, and associated public bodies, including the Bank of England and the Financial Conduct Authority.”
  • Members of The All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services (which is soon to publish an important Report on the Financial Conduct Authority, the UK’s equivalent underway); its purpose is: “To advocate for the victims of financial misconduct, crimes, scandals, frauds and regulatory failures, by driving positive, progressive, and purposeful reforms that achieve a fair, trusted and just system, where the service providers, regulators and government agencies provide appropriate protection and deliver good outcomes, including redress for historical wrongs.“
  • Members of the House of Lords’ Financial Services Regulations Committee
• UK regulators past and present
• Various subject-matter experts based in the UK with a keen interest in optimising financial services regulation for the purpose of significantly improving consumer protections

Given the significant international public interest in this topic, TTF is making the event available to all on a complimentary basis; but please note we have a donations page, which is here.