The Australian Securities and Investments Commission (ASIC) is an independent government body empowered to protect consumer’s rights, financial capability, corporate conduct, financial services, securities and derivatives, and insurance.
The Australian Securities and Investments Commission (ASIC) was founded in 1998 but it 3 more years for the organization to obtain its present-day functions of a finance regulator.
The main aim of this independent government body was at first merely to supervise protection against fraudulent activities in local finance sector. Also, initial ASIC’s area of empowerment covered the stock market its participants only. With time its functions has changed somewhat and now it also includes:
It is interesting to know that each newly established company in Australia selling is subjected to the ASIC fine-grained auditions if they want to obtain a license.
But the first and most important aim of the Commission is to monitor trading and financial sectors for the presence of any fraudulent activities. It firmly checks all the financial activities conducted in Australia, its most update business data, total market value, financial solvency, etc. If any violations are detected ASIC is authorized to charge a penalty on the defrauder.
Insider Tips: The ASCI license is considered to be a good indicator of the transparency and integrity of the company’s activities, so its popularity among foreign organizations only grows from year to year.
To sum up, it is worth mentioning that the ASCI is still the only Securities and Investment Commission in Australia. And though some Financial Analysts determinate the level of security given by this regulator as a “medium” one, we cannot oversee the fact that ASIC is a high-rank organization and issuing very desirable to a great the number of companies.