The Australian Securities and Investments Commission (ASIC) has received a further boost in funding in the Federal Budget aimed at maintaining and sharpening its regulatory focus.
Included in the increased funding is a specific allocation aimed at “supervision and oversight of expanding financial markets and financial sector entities”.
The Treasurer, Peter Costello, said ASIC would receive a boost of $234.6 million over four years to ensure it has sufficient funding to maintain its current regulatory focus, as well as sharpening its activities in other areas including non-exchange based market trading and information technology security and risk management.
He said additional funding of $71.3 million over four years would also be provided to ensure ASIC had sufficient funding to maintain its current regulatory focus with respect to the supervision and oversight of expanding financial markets and financial sector entities.
Costello said ASIC would receive $29.1 million over four years to increase its surveillance of the financial services sector and develop its presence in non-exchange based market trading, including areas of bond markets, hedge fund activities and contracts for difference.
He said funding would also be provided for electronic surveillance tools to monitor these transactions.
