​ASIC slams ‘smear’ tactics in face of inquiry

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ASIC chairman Greg Medcraft has defended the regulator’s work as a Senate inquiry into performance looms.

“Recent media reports have tried to cast doubt on ASIC's good work and smear our staff and culture,” said Medcraft. “These reports coincide with the Senate inquiry into our performance.”

ASIC has made three submissions to the inquiry, outlining the regulator’s “many achievements” and highlighting “areas where we believe we can improve”, said Medcraft.

He gave a list of key accomplishments for ASIC in the past three years, including 4000 institutional surveillances, 554 investigations and banning 168 people.

“And, most critically and crucially,” emphasised Medcraft, “obtained over $349 million in compensation for consumers.”

The inquiry is something the regulator will be taking “very seriously”, said Medcraft.

“ASIC will be fronting up to the Senate inquiry and answering any and every question to the best of our ability.

“We welcome the inquiry and all the submissions people have made. We read them all and want to use this information to do a better job."

More than 340 submissions have been received by the inquiry.

In a further statement, Medcraft defended his role as chair of the International Organisation of Securities Commissions.

Medcraft has been criticised for his extensive travel as head of the organisation, after it was revealed he spent 51 days overseas in the first ten months of the year.

“IOSCO is a body that represents over 120 jurisdictions around the world, 95 per cent of the globe's capital markets and is the key reference group for the G20 leaders and other policy makers,” said Medcraft.

“Being chairman of IOSCO does mean I have to travel from time to time but I think it is important and benefits Australia. 

“So many of the issues facing Australia are global issues and need a global approach. Also we want to make the global initiatives work for Australia, rather than against us.”
  • Maria Rigoni on 5/12/2013 11:31:34 PM

    When a regulator investigates very few complaints from constituents and has a standard line of "we can not give you a regulator interpretation of the legislation... you need to engage a lawyer to interpret the law for you" ... one can assume that the regulator is merely a powerless figure head. A useless waste of money and an ineffective guide for the citizens.
    When you read articles that say "our legal team engaged outside legal opinion to see if our interpretation of the law was correct" ... it is fair to assume that the man made laws have been produced by incompetent law makers and it would be in the best interest of the average Joe Blow citizen that has no hope of understanding and therefore abiding by "the law" for those laws to be shredded into the waste paper bin!!!

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