ASIC Under Chairman D’Aloisio

Australian Guardians have provide a tab for the Australian Securities and Investments Commission (ASIC) under each of the Chairmen, since ASIC‘s enforcement actions are determined solely at the whim of whoever happens to be the incumbent Chairman and whether such enforcement action is amenable to the Chairman’s own pecuniary interests .

Mr Tony D’Aloisio¬† was Chairman from 13 May 2007 until 12 May 2011, when Mr Greg Medcraft took over the Chairmanship.

It is a requirement under Section 123 of the ASIC Act 2001 for a member of ASIC (ie the Chairman and Commissioners) to disclose their indirect and direct pecuniary interests that they acquire and hold to the Responsible Minister. It is a “sacking offence” under Section 111 of the ASIC Act 2001 if a Chairman or Commission contravenes Section 123 without reasonable cause.

The Treasury has confirmed that the former Chairman failed to provide the disclosure notices as required by Section 123 of the ASIC Act 2001 to at least two responsible Ministers, the Hon Chris Bowen MP and the Hon David Bradbury MP {Refer to The Treasury FOI Responses}.

Furthermore if a Complainant submits a Compliant to the Chairman, then the Chairman is required to either seek “waiver” from the Complainant or to “step aside” and allow another Commissioner to deal with a Complaint that might give rise to a real or apparent Conflicit of Interests on the part of the Chairman as required by Section 124 of the ASIC Act 2001.

 

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