Australia: financial market regulation - a greater role for ASIC

The Treasurer, Wayne Swan MP, and the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, yesterday announced changes in the regulation of Australia's financial markets. A greater role is to be given to the Australian Securities and Investments Commission (ASIC), which will become responsible for the supervision and enforcement of the laws against misconduct on Australia's financial markets. For further information and an implementation timetable see here. A transcript for the press conference given yesterday by Chris Bowen MP is available here.