Published On: Fri, Jul 9th, 2010

ASIC Ready For Market Supervision

ASIC welcomed the announcement July 8 by the Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP, of a 1 August 2010 start date for the transfer to ASIC of the market supervision role now being performed by the Australian Securities Exchange (ASX).

This follows the proclamation of the relevant Act and approval of the relevant regulations earlier today by the Executive Council.

The Minister also announced his intention to approve the Market Integrity Rules on which industry has been consulted. These rules, together with the amended ASX operating rules, which the Minister also announced he would allow, will form the regulatory rules for the new market supervision regime.

On Wednesday 7 July 2010, ASIC and ASX concluded an historic and formal agreement on the transfer of certain supervisory activities to ASIC. The agreement will underpin their continued cooperation in ensuring a seamless transition from ASX to ASIC on 1 August 2010 and their continued cooperation going forward.

ASIC Chairman Mr Tony D’Aloisio said, ‘We welcome the announcement that the transfer of supervision will commence on 1 August 2010. ASIC is ready to assume this important responsibility. We have an integrated market surveillance system in place and we have developed a streamlined markets analysis methodology and relationship management model. We have built and trained a quality Market & Participant Supervision team, consisting of ASIC talent and external people with specialist market experience. The team will be complemented by ASX surveillance staff that will transfer to ASIC on 1 August 2010.

‘We are currently engaging with market participants via a roadshow and through their industry associations to assure them that while the responsibility for supervising the rules is changing, their existing obligations will not change at this time. The market integrity rules are generally the same as those which exist currently and we intend to approach our supervision in a way which is consistent with the current approach.’

Mr D’Aloisio went on to thank ASX for their cooperation in ensuring a smooth transition.

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