Australian House of Representatives Standing Committee on Economics

House of Representatives Continuing Commission on Economics - Opening statement - 10 September 2021

Opening statement by ASIC Chair Joe Longo at the Firm of Representatives Standing Committee on Economics, 10 September 2021, Parliament House, Canberra.

Cheque against delivery

I am pleased to be able to announced before the Committee for the start time in my role every bit Chair of ASIC. My colleagues and I welcome the opportunity to answer your questions.

Let me start past welcoming the Government's proclamation of members of the new Fiscal Regulator Cess Authority (FRAA). The individuals appointed by the Authorities bring a wealth of experience to the tasks assigned to them.

I look frontwards to working collaboratively with FRAA to evaluate ASIC's effectiveness and capability, and to ensure ASIC operates consistently with the Authorities's Statement of Expectations, which was published on 26 Baronial 2021. In response, ASIC released its response in a Statement of Intent on the same day and I accept forwarded copies to the Commission Secretariat.

The Statement of Expectations clearly states Authorities's desire for ASIC to contribute to the Government's economic goals. These include supporting Australia's economic recovery from the COVID-nineteen pandemic, and working closely with Government and Treasury in implementing policy reforms.

ASIC's Statement of Intent commits u.s. to supporting economic growth and recovery, takes an active and targeted approach to enforcement, focuses our activeness on the areas of greatest harm, and uses our enhanced range of regulatory tools to ensure Australians can participate with confidence in the financial system.

We also released our new Corporate Programme, which outlines our priorities and deportment for the adjacent iv years. I have provided copies to the Secretariat.

The Corporate Plan is consistent with our Statement of Intent and highlights our external and internal commitments for 2021–25. During this menses we will address the economical impacts of the COVID-xix pandemic on our regulatory activities and the firms we regulate.

With a raft of significant law reforms to embark in Oct 2021, ASIC continues to piece of work closely with industry to support the transition towards the new standards. I have made it clear that ASIC will take a reasonable approach in the early stages of these reforms, provided industry participants employ their best efforts to comply. However, where firms are not interim in skillful faith or where we notice conduct causing actual impairment, we will not hesitate to enforce the law.

Such an approach will aid ensure that consumers and investors reap the long-term benefits of these reforms.

In decision, I desire to reiterate the important role that ASIC must continually play in promoting economical recovery and conviction in the financial system, peculiarly in the face of the ongoing pandemic. I volition ensure ASIC continues to take opportunities to support businesses through more efficient methods of regulation.

At the same fourth dimension I will ensure ASIC remains vigilant in protecting consumers and investors from harm. By using the full suite of enforcement tools at our disposal, we volition disrupt misconduct and drive quick, effective and proportionate regulatory outcomes.

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Source: https://asic.gov.au/about-asic/news-centre/speeches/house-of-representatives-standing-committee-on-economics-opening-statement-10-september-2021/

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