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03-351 ASIC Annual Report 2002-03 'Enforcement an essential part of regulation'

Wednesday 5 November 2003

The Australian Securities and Investments Commission (ASIC) enforces and regulates company and financial services laws to protect consumers, investors and creditors.

ASIC’s 2002–03 Annual Report was tabled today in Federal Parliament. The annual report provides a full account of ASIC’s activities and stewardship of public moneys over the 2002–03 financial year.

In the report, ASIC Chairman Mr David Knott, said, ‘Enforcement is an essential part of regulation. ASIC has responded strongly to Australia’s corporate failures and market abuses, including insider trading. These measures have been critical to the restoration of investor confidence and to the good reputation of the Australian equities market’.

‘ASIC achieved record enforcement outcomes, including: ‘ASIC also launched new initiatives targeting insolvency, financial reporting and disclosure, and secured additional budget funding to develop them’, Mr Knott said.

The annual report also shows more consumers turning to ASIC. Visits to our consumer website FIDO rose 79 per cent, public reports of misconduct rose 19 per cent, and database searches increased.

ASIC granted more than 1,400 approvals to facilitate commercial transactions and reduce business costs.

In key results from 2002–03, ASIC: Copies of ASIC’s Annual Report are available online from www.asic.gov.au.

End of release

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