New ASIC Chair spells out ASIC’s priorities

The appearance before the Senate Standing Committee on Economics
by Tony D’Aloisio, the new Chairman of ASIC, on 30 May 2007 gave him his first opportunity to publicly set out ASIC’s priorities for the next 12 months.

Tony D’Aloisio’s opening statement  identified 6 things ASIC will do in the next 12 months:

1. lifting the operational effectiveness and service levels of ASIC for all stakeholders.

2. For retail investors (in particular ‘baby boomers’ retirees and the generation following them), to develop initiatives to assist them to better manage and protect their investments and wealth.

3. For all investors, to continue to maintain and improve confidence and integrity in Australia’s capital markets with new investigative and other techniques in the area of insider trading and market manipulation.

4. How ASIC can use new technology to improve existing services, add new services and reduce costs – that is, to reduce ‘red tape’ in providing legal infrastructure ( company registration, registration of charges, issue of licences, relief orders etc) for small and medium businesses.

5. For all investors, to improve what ASIC can do to facilitate inward and outward investment in our capital markets.

6. over the next 9 to 12 months while these things are going on, there will be an overall review of ASIC’s strategies (its priorities and initiatives).With a new Chairman, a fresh set of eyes can look at the organisation.

D’Aloisio made separate statements on  Westpoint, Fincorp and Australian Capital Reserve.

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