ASIC’s instruction book is contained in the ASIC Act. Section 1 (2) sets out the regulator’s objectives. Paragraph (a) of that subsection provides that ASIC’s first objective is to “maintain, facilitate and improve the performance of the financial system and the entities within that system in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy”. After this “economic efficiency” objective, comes the “consumer protection” objective in paragraph (b): “promote the confident and informed participation of investors and consumers in the financial system”.
Key words - improve, reduce costs, development, confident and informed participation. If I line this up against the ASX modus operandi, Houston I think we have have a problem.
ISX Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
