The government has passed a law that will further enhance the capabilities of the corporate regulator.
Treasurer Josh Frydenberg said in a statement that the passing of the Treasury Laws Amendment (Enhancing ASIC Capabilities) Bill 2018 will provide ASIC with greater operational flexibility and make express provision for ASIC to consider competition in its decision-making processes.
“Removing the obligation for ASIC to engage staff under the Public Service Act 1999 means ASIC will be able to compete more effectively for suitable staff,” Mr Frydenberg said.
“It will also allow ASIC to tailor management and staffing arrangements to suit its needs, ensuring it is fit for purpose to deliver effectively on its mandate.”
Mr Frydenberg said the amendment brings ASIC into line with the Australian Prudential Regulation Authority and the Reserve Bank of Australia, and will now have the ability to attract and retain the most appropriate people to achieve its short and long-term priorities.
“The bill also ensures that ASIC consider the effects that the performance of its functions and the exercise of its powers will have on competition in the financial system,” he said.
“Competition is critical in improving the performance of the financial system. It ensures that both consumers and investors get value for money in the financial products and services they use.”
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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