The Australian Securities and Investments Commission
(ASIC)
Since the conclusion of the Royal Commission into Misconduct in
the Banking, Superannuation and Financial Services Industry in late
2019, corporate entities in Australia have been subject to
heightened levels of scrutiny. With global commerce slowly moving
into a 'post-COVID-19' phase, the regulation of
corporations has become even more important as many Australian
businesses face unprecedented levels of financial and operational
uncertainty.
The regulatory body in Australia primarily responsible for
corporations is the Australian Securities and Investments
Commission (ASIC). ASIC is an independent
Commonwealth statutory corporation created by the Australian
Securities and Investments Commission Act 1989 (Cth)
(ASIC Act). ASIC is funded by a combination of
industry levies, Commonwealth government appropriation revenue and
'own-source' revenue, being revenue generated and retained
by ASIC. For the
