CLARS Event: Role & Effectiveness of ASIC v the SEC

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Event Details

Date:
31 August 2020 at 4:30 pm – 5:45 pm
Venue:
Zoom
Campus:
Not applicable
Open to:
Public
Cost:
None
Categories:
Alumni; Business and Economics; Law; Other events; Public lectures; Seminars & Workshops

Description

This Zoom session will compare ASIC with the world’s biggest capital market regulator, the SEC. Does ASIC Stack up?

About this Event

Australian Securities and Investments Commission’s (ASIC) regulatory oversight of securities and financial markets increased considerably over time. However, the wisdom of this model has most recently been challenged by the Hayne Royal Commission as ASIC’s enforcement activities were found to be relatively toothless. Accordingly, many criticised the agency and called for further ASIC reform.

After the Global Financial Crisis, the US Securities and Exchange Commission (SEC) faced the same criticisms of regulatory failure seen today at ASIC. Despite massive criticisms of the SEC’s failure to sufficiently enforce regulations both before and after the Global Financial Crisis, the SEC regulatory structure and enforcement trends over the last decade can provide insight for implementation of further ASIC reform.

Dr Eroglu will discuss her research that analyses the SEC regulatory structure, enforcement activities, and governmental resources and then compares certain indicators of effectiveness such as the number of employees, budgets, and enforcement activities with those of ASIC over the past quarter-century.

By comparing ASIC with the world’s biggest capital market regulator, the SEC, this session analyses the viability of further reform of ASIC, and argues that ASIC is woefully under-resourced to engage in increased enforcement action.


Name
Janice Hugo
E-Mail
clars@monash.edu
Phone
0399053327
Organisation
Centre for Commercial Law and Regulatory Studies