The chief regulatory bodies which make and enforce governance standards in Australia are the Australian Securities and Investments Commission (ASIC) and the Australian Securities Exchange (ASX).
ASIC is an independent government body and is Australia’s corporate regulator. ASIC administers the Australian Securities and Investments Commission Act 2001 (ASIC Act), and is generally responsible for administration and enforcement of the Corporations Act 2001. ASIC also publishes guidance and information on many related topics, including corporate governance.
Under the ASIC Act, ASIC seeks to:
• maintain and improve the performance of the financial system and entities within it
• promote informed participation by investors and consumers in the financial system
• administer the law effectively
• provide information about companies and other bodies to the public
The ASX is a publicly listed company which functions as a market operator, clearing house and payments system facilitator. The ASX oversees compliance of the Listing Rules, promotes governance standards and helps to educate retail investors. ASIC and the ASX collaborate to carry out their respective roles and responsibilities effectively.