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ASIC under microscope as FRAA begins review

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The Financial Regulator Assessment Authority (FRAA) will examine the corporate watchdog’s effectiveness and capability as part of a “targeted assessment”, with a report on its findings to be provided to the Federal Government by the end of July next year.

Treasurer Josh Frydenberg announced the review today. It is the first to be undertaken by the FRAA after legislation for the body was passed in July.

The FRAA – created following a Hayne royal commission recommendation – is tasked with assessing and reporting on the effectiveness and capability of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority.

“The FRAA’s first review will be a targeted assessment of ASIC’s effectiveness and capability in strategic prioritisation, planning and decision‑making, ASIC’s surveillance function, and ASIC’s licensing function,” Mr Frydenberg said.

“The first review will also examine ASIC’s use of data and technology in each of these areas of focus.”

FRAA has released a consultation paper, outlining the scope of its assessment and a list of key questions for stakeholder submissions.

Closing date for submissions is January 28.

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