Australia’s corporate watchdog, the Australian Securities and Investments Commission (ASIC), should be broken up and replaced by new and more responsive regulatory agencies, a damning report has found.
The Senate Economics References Committee handed down its 200-page report Tuesday evening after a 20-month inquiry into the corporate regulator.
The inquiry involved five days of public hearings and 198 submissions from the Australian Tax Office (ATO) and an array of other financial, accounting and legal interest groups.
