9. September 2010 17:56
ASIC chair Tony D'Aloisio has outlined ASIC's agenda in a speech to the American Chamber of Commerce in Australia, delivered in Melbourne on 3 September.
He makes direct reference to the origins of the Corporations Act in the Campbell Committee and Wallis Inquiry, noting that they were heavily influenced by economic theories that can be grouped as the "Efficient markets hypothesis". Therefore, the object of the Corporations Act is to allow markets to operate with a minimum of interference, while permitting risk and allowing investors to price that risk.
Therefore, ASIC's role is necessarily one of oversight rather than control.
The full text of the speech makes interesting reading and is available on the official ASIC site.