Add articles to your saved list and come back to them any time.The nation's corporate watchdog says it is "getting on with the job" of protecting investors while also letting competitive forces play out after coming under fire from Treasurer Josh Frydenberg for failing to follow the will of Parliament.
Acting ASIC chair Karen Chester says the organisation is in a"new age" of enforcement that balances the needs of business competition and consumer protections.It followed criticisms from Mr Frydenberg who on Wednesday accused regulators of getting ahead of the will of the Parliament and potentially slowing down the economy's recovery from the pandemic recession.
"They need to independently decide on individual matters and cases, whether to approve a licence for an applicant or take particular enforcement action. However, regulators do not carry out their mandates in a vacuum," he said."It is the Parliament who determines who and what should be regulated. It’s the role of regulators to deliver on that intent, not to supplement, circumvent or frustrate it.
"We are getting on with it. We are better placed to address harm arising from evolving products and practices without compromising the potential for competitive disruption and innovation," she said."Which means we can limit or avoid the future need for more intervention and more regulation.
Isn't the will of the parliament to get rid of the regulator so the deals like the Sydney airport goes unnoticed.