<s 47E(d)
>; Government Relations
s 47E(d)
>; DL-CCA Leadership Group s 47E(d)
s 47E(d)
@asic.gov.au>
Subject: RE: Update on today [SEC=OFFICIAL]
Evening all,
The SERC inquiry report has been tabled in the Senate this evening.
The report includes 11 recommendations. We will summarise the report tomorrow and publish
a note to ASICengage for everyone to access. We’ll include links to the report, the
Government Senators’ additional comments, and the Committee Deputy Chair’s media
release – all of which I have provided links or content below. The morning media report will
include links to the various articles.
In addition to the ASICengage article, we’ll share summary points you can use in external
meetings over the next few days.
Other notes or materials will be considered in the coming days.
Please let me or the team know if you have any questions.
Regards, Zoe
+++++++++++++++++++++++++++++++++
Media statement
**Attributable to an ASIC spokesperson**
Throughout the inquiry we have shared our strong enforcement record on behalf of
Australian consumers and investors. ASIC is in court almost every day pursuing wrongdoing
and in the last 12 months alone launched around 180 new investigations.
We note the release of the Chair’s report, other commentary from the Deputy Chair, and the
Treasurer’s comments about it this week. ASIC will take time to consider the report.
ASIC is already working with Treasury to act on the recommendations from the Financial
Regulator Assessment Authority's review of ASIC’s effectiveness.
-ENDS-
The report
Australian Securities and Investments Commission investigation and enforcement – Parliament
of Australia (aph.gov.au)
Government Senators’ additional comments
Government Senators' additional comments – Parliament of Australia (aph.gov.au)
Deputy Chair Jess Walsh’s media release
MEDIA RELEASE
ASIC REPORT A MISSED OPPORTUNITY
Over the last two years, the Economic References inquiry has received a significant amount
of evidence that could have addressed community concerns with ASIC.
Unfortunately, the Final Report is a missed opportunity to genuinely improve ASIC and has
reduced this evidence and engagement to little more than a headline grab.
This simplifying of complex issues detracts from the practical improvements to ASIC,
suggested by involved witnesses throughout the Inquiry.
Regrettably, Government Senators were provided just 24 hours to review, consider, and
respond to the Chair’s report before its adoption.
Bipartisanship is essential to progress any lasting reforms to our important economic
institutions.
Government Senators in Additional Comments have reiterated evidence to this inquiry that
could improve ASIC from today, including:
• Boosting ASIC’s campaign approach to enforcement in its thematic reviews;
• An enhanced role of professional bodies in education, enforcement, and the reporting of
misconduct; and
• Utilising the coming Statement of Expectations to guide high standards of enforcement
and consumer protection at ASIC.
Quotes attributable to Senator Walsh:
“The Chair’s recommendations have overshot the mark and completely missed an
opportunity for bipartisan support.”
“There is room for improvement at ASIC, so it’s a shame sensible reforms that could be
implemented immediately have been overlooked.
“The inquiry received useful evidence and suggestions from stakeholders that could have
been a genuine opportunity to improve ASIC. Unfortunately, these have largely been
ignored in the Chair’s report, favouring a headline grab instead.”
ENDS
Zoe Viellaris
Chief Communications Officer
Australian Securities and Investments Commission
Level 5, 100 Market Street, Sydney, NSW, 2000
M: 0414 88 11 77
E: xxx.xxxxxxxxx@xxxx.xxx.xx
s 22
From: Zoe Viellaris
Sent: Wednesday, July 3, 2024 10:22 AM
To: Senior Executive Leaders and Senior Executives
s 47E(d)
>
Cc: Greg Yanco <xxxx.xxxxx@xxxx.xxx.xx>; Executive Leadership Team
<s 47E(d)
>; Government Relations
s 47E(d)
>; DL-CCA Leadership Group <s 47E(d)
>
Subject: Update on today [SEC=OFFICIAL]
Good morning,
As has been mentioned in other forums this week, the Senate Economic
References Committee (SERC) will table its final report today following its inquiry
into ASIC’s investigation and enforcement.
s 47C
s 22
s 22
.
Regards,
Zoe
Zoe Viellaris
Chief Communications Officer
Australian Securities and Investments Commission
Level 5, 100 Market Street, Sydney, NSW, 2000
M: 0414 88 11 77
E: xxx.xxxxxxxxx@xxxx.xxx.xx
s 22
