DEFINITION of 'Australian Securities And Investments Commission - ASIC'
The regulator of Australia's markets and financial services. The ASIC ensures that Australia's financial markets are fair and transparent.
The ASIC is an independent Commonwealth Government body established by the Australian Securities and Investments Commission Act (ASIC ACT). The ASIC Act requires the ASIC to:
- Maintain, facilitate and improve the financial system's performance
- Promote confident and informed investor participation
- Administer and enforce the law effectively and efficiently
- Process and store information efficiently and quickly
- Make information regarding companies and other bodies public in a timely manner
BREAKING DOWN 'Australian Securities And Investments Commission - ASIC'
The Australian Securities and Investments Commission falls under the responsibilities of the Parliamentary Secretary to the Treasurer. The ASIC regulates Australian companies, financial markets, financial services organizations and professionals who deal and/or advise in insurance, superannuation, investments, deposit taking and credit. ASIC service centers are located in all of Australia's capital cities.