ASIC 2020–21 Annual Report

The Australian Securities and Investment Commission (ASIC) 2020–21 Annual Report outlines the key measures the regulator took to achieve its goals in the year that the country’s financial system faced almost unprecedented challenges as a result of the ongoing COVID-19 pandemic .

ASIC Chair Joe Longo said, “ASIC continues to work to support the economy as it recovers from an extended period of instability caused by the global pandemic.”

“Across the financial year, ASIC made targeted interventions and implemented a number of relief measures to assist Australia’s corporate sector, while also making great strides towards implementing the Financial Services Royal Commission reforms. In addition to this important work, in 2020–21 ASIC finalised many of the enforcement matters arising from the Royal Commission and increased its enforcement action generally.”

The regulator has also continued to build ASIC’s enforcement capability, securing $189 million in civil penalties and increasing new criminal litigation by 28 per cent. The annual report also revealed that internally, ASIC implemented a number of the recommendations of the Thom Review, designed to deliver long-term improvement to ASIC’s risk and compliance practices and capabilities. The regulating body’s internal governance has been strengthened through an enhanced risk management framework and changes to operational strategy and management.

“ASIC remains fully committed to working with its regulated population and fellow regulators to support the Australian economy and protect vulnerable consumers,” Longo concluded.

You can access the entire ASIC Annual Report 2020-21 here.