The corporate cop is a soft and immovable target for critics who have every right to call for accountability. But this is hardly a suitable environment for rebuilding its ‘battered’ culture.
and was welcomed by Assistant Treasurer Stephen Jones, who said ASIC was found to be effective and capable in the areas reviewed.
ASIC’s accountability to parliament includes having its chairman and commissioners appear before the Senate estimates economics committee and the joint parliamentary committee on corporations and financial services. The latter committee has been examining ASIC since 1990.an inquiry into the “capacity and capability of the Australian Securities and Investments Commission to undertake proportionate investigation and enforcement action”.
When you include random requests for ASIC officials to appear before other committees, Longo and his fellow commissioners are accountable to five or six different tentacles of parliament, not to mention regular engagement with Treasury.The fascination with the alleged lack of urgency and efficiency in ASIC’s enforcement of white-collar crime sits oddly with the list of actions it is conducting now.
Between now and the end of June, ASIC’s legal representatives will be appearing in 74 different civil and criminal cases in five states, and one matter in the High Court, court records show.
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