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