Samcode - Australian Government decides to transfer supervisory responsibility for trading on ASX’s financial

Australian Government decides to transfer supervisory responsibility for trading on ASX’s financial

Written by Administrator
Saturday, 29 August 2009
Australian Government decides to transfer supervisory responsibility for trading on ASX’s financial markets to ASIC As you are aware the Government has made a decision to transfer supervisory responsibility for trading on ASX's financial markets to ASIC. It is envisaged that ASIC will begin its new supervision role from September 2010. The Government has proposed the following timetable for the implementation of the transfer: September - October 2009: Drafting of exposure draft of amending legislation November 2009; Public consultation on exposure draft December - January 2010; Additional drafting and accompanying documents February - April 2010; Amending legislation introduced in Autumn sittings 2010 of Parliament May - June 2010; Amending legislation passed in Winter sittings 2010 of Parliament July – September 2010; ASIC prepares systems for supervision, begins customising SMARTS system Third Quarter 2010; ASIC begins supervision of Australia’s markets While the precise detail regarding the extent of the transfer of responsibilities has not yet been determined, it is apparent from the Government's announcement that ASX will retain the responsibility for supervising entities listed on ASX, including JORC compliance. It is not envisaged there will be any change to ASX's relationship with JORC. Government Reform Announcement ASX Response
Last Updated ( Saturday, 29 August 2009 )

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