cdu shorting activity, page-367

I have been asked for a little more information such as the senators names so here is the recent AAP article:

Hopefully this information helps WM …and any other holder concerned about ASIC's " accountability, effectiveness,stonewalling etc"

AAP

The corporate watchdog will face a wide-ranging Senate inquiry into its performance including its response to information from whistleblowers on serious misconduct inside the Commonwealth Bank's financial planning unit.

Nationals senator John Williams on Thursday successfully moved for the inquiry in the Senate, saying it was time the Australian Securities and Investments Commission answered some questions about its competence.

The inquiry was backed by Labor senator Doug Cameron and Australian Greens leader Christine Milne, and passed the Senate unopposed.

The inquiry would cover an examination of corporations legislation and whether it needs to be changed; a review of the accountability of the regulator; the effectiveness of its complaints management policies and practices and its approach to corporate and private whistleblowers.

ASIC did not act for three and a half years on information provided by CBA in June 2009 about serious allegations of forgery and fraud by a planner, Fairfax Media said.

Senator Williams said ASIC would be given every opportunity to explain its performance as the "gatekeeper of the corporate sector".

The NSW senator said he'd been concerned about ASIC for a while, but it was the regulator's performance at last month's budget estimates that prompted his call for an inquiry.

"Quite simply the ASIC representatives stonewalled," he said.

The Senate Economics References Committee will report back by March 31 next year.