NCJ Number
191986
Journal
Journal of Financial Crime Volume: 9 Issue: 1 Dated: September 2001 Pages: 40-53
Date Published
September 2001
Length
14 pages
Annotation
This paper presents the first 13 principles under the Statement of Objectives and Principles of Security Regulation produced by the International Organization of Securities Commissions. It examines Australian Securities and Investments Commission (ASIC) complied with these principles, thereby measuring their effectiveness to attain a model regulatory system.
Abstract
In 1998, the International Organization of Securities Commissions (IOSCO), which consists of the regulatory bodies of close to 100 countries responsible for securities regulation and the administration of securities laws, produced the Statement of Objectives and Principles of Securities Regulation. Member governments utilize these principles to conduct a self-assessment and regulate their markets, thereby protecting investors, ensuring that markets are fair, efficient and transparent, and reducing systemic risk. This paper addresses the first 13 principles (regarded as the most relevant in the enforcement context) in terms of Australia’s compliance and how the Australian Securities and Investments Commission (ASIC) complied with these principles. It was noted that the content of regulation must change in order to facilitate constantly changing markets. A model market regulator was seen as one which is equipped with legislative functions and powers together with the expertise, commitment and resources to ensure that risks are identified and disclosed and that a lawful and effective outcome is achieved. References and attachment