ASIC Commissioner Peter Kell has made a speech at the University of NSW Law School warning that the growth of market-based financing in Australia will have a strong flow-on effect for financial services professionals.
Addressing the Berle V conference on ‘capital markets, the corporation and the Asian century’ in Sydney yesterday, Commissioner Kell said increased banking regulation and the growth of the superannuation and pension sectors was causing a subsequent rise in “market-based financing”.
“The growing importance of market-based financing presents a challenge for regulators to ensure we have the right tools and resources in place, so that debt and equity markets can perform their critical role in funding economic growth,” he said.
“This increase in activity in our capital markets will have a flow-on effect on financial services providers such as financial advisers, investment managers, custodians, research houses, credit rating agencies, auditors and accountants.
“Regulators will need to remain proactive and address emerging risks in order to achieve our strategic objectives of confident and informed investors and fair, orderly and transparent markets.”
In early April, members of the Australian Securities and Investments Commission (ASIC) leadership fronted a parliamentary joint committee (PJC) hearing to discuss the regulator’s top agenda priorities.
At that hearing, ASIC chairman Greg Medcraft singled out the issue of “shadow banking” as one of the main areas of concern.
SUBSCRIBE TO THE IFA DAILY BULLETIN
21 Jul 2017ASIC may get phone-tapping powersBy Tim Stewart
20 Jul 2017Former FSC, Turnbull government staffer joins BTBy Staff Reporter
21 Jul 2017CPD should count, says overwhelming majorityBy Larissa Waterson
20 Jul 2017Centrepoint adviser cops permanent banBy Staff Reporter
20 Jul 2017Boutique takes stake in AMP practiceBy Staff Reporter
19 Jul 2017Aura acquires Australian Capital Financial PlanningBy Aleks Vickovich
- view all