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Australian Lawyers and Consultants

Australian Securities Commission Changes

July 1998

From 1 July 1998, the Australian Securities Commission (ASC) is to be known as the Australian Securities and Investments Commission (ASIC). With this name change, the ASIC will take on not only the responsibilities of the old ASC, but also some of the functions of the Insurance and Superannuation Commission (ISC). The ASIC will now be responsible for enforcing the consumer protection provisions of the Trade Practices Act in respect of the financial system, market integrity of superannuation, insurance and parts of the banking and payments system. The formation of a consolidated ASIC body is in line with the Wallis Report recommendations in 1997 on the Australian financial system, and conforms to the pattern of Australian Government public service rationalisations over the past few years.

For further information, contact Joe Lederman at BALDWINS, Australian Lawyers & Consultants.

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