Discussion:
ASIC
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Pelican
2018-04-20 02:11:20 UTC
Permalink
Given the evidence given to the Royal Commission about how seriously the
banking industry regards one of the key regulators, ASIC, the government
has today released both a review of ASIC enforcement, and the
government's response to the recommendations in the review. See here -
https://treasury.gov.au/review/asic-enforcement-review/

The government has had its arse very firmly kicked in the Royal
Commission, and ASIC has been proven useless as a regulator. The
criticisms are shared by both major political parties, and reforms
should be bi-partisan.

Any changes proposed by the government will wait for the recommendations
of the Royal Commission. No doubt those recommendations will go rather
further than the review.
de chucka
2018-04-20 04:02:42 UTC
Permalink
Post by Pelican
Given the evidence given to the Royal Commission about how seriously the
banking industry regards one of the key regulators, ASIC, the government
has today released both a review of ASIC enforcement, and the
government's response to the recommendations in the review.  See here -
https://treasury.gov.au/review/asic-enforcement-review/
The government has had its arse very firmly kicked in the Royal
Commission, and ASIC has been proven useless as a regulator.  The
criticisms are shared by both major political parties, and reforms
should be bi-partisan.
Any changes proposed by the government will wait for the recommendations
of the Royal Commission.  No doubt those recommendations will go rather
further than the review.
10% of profits as a fine or 10 years in the slammer are irreverent if
ASIC continues as a pussy when it comes to big business. The problem is
that ASIC, like the ATO' will try to come up with a 'solution' if you're
big business rather then go the legal path. However if you're a small or
medium business without the resources to fight back watch out.

Meller's walked away from AMP with his super etc intact HOWEVER he was
going at the end of this year anyhow so it means bugger all
Peter Jason
2018-06-04 02:25:49 UTC
Permalink
On Fri, 20 Apr 2018 14:02:42 +1000, de chucka
Post by de chucka
Post by Pelican
Given the evidence given to the Royal Commission about how seriously the
banking industry regards one of the key regulators, ASIC, the government
has today released both a review of ASIC enforcement, and the
government's response to the recommendations in the review.  See here -
https://treasury.gov.au/review/asic-enforcement-review/
The government has had its arse very firmly kicked in the Royal
Commission, and ASIC has been proven useless as a regulator.  The
criticisms are shared by both major political parties, and reforms
should be bi-partisan.
Any changes proposed by the government will wait for the recommendations
of the Royal Commission.  No doubt those recommendations will go rather
further than the review.
10% of profits as a fine or 10 years in the slammer are irreverent if
ASIC continues as a pussy when it comes to big business. The problem is
that ASIC, like the ATO' will try to come up with a 'solution' if you're
big business rather then go the legal path. However if you're a small or
medium business without the resources to fight back watch out.
Meller's walked away from AMP with his super etc intact HOWEVER he was
going at the end of this year anyhow so it means bugger all
The people running these regulating bodies tent to
be kicked-upstairs boffins.

They're no Elliot Ness and his crowd.

Instead of class actions that go to enrich
lawyers, the poor aggrieved might pool their
meager resources and engage the Mafia & Unione
Corsem who have a way of extracting money (and
their fees) from the carpetbaggers. Quickly done
too. And forget about limited liability!
Pelican
2018-06-04 08:30:36 UTC
Permalink
Post by Peter Jason
On Fri, 20 Apr 2018 14:02:42 +1000, de chucka
Post by de chucka
Post by Pelican
Given the evidence given to the Royal Commission about how seriously the
banking industry regards one of the key regulators, ASIC, the government
has today released both a review of ASIC enforcement, and the
government's response to the recommendations in the review.  See here -
https://treasury.gov.au/review/asic-enforcement-review/
The government has had its arse very firmly kicked in the Royal
Commission, and ASIC has been proven useless as a regulator.  The
criticisms are shared by both major political parties, and reforms
should be bi-partisan.
Any changes proposed by the government will wait for the recommendations
of the Royal Commission.  No doubt those recommendations will go rather
further than the review.
10% of profits as a fine or 10 years in the slammer are irreverent if
ASIC continues as a pussy when it comes to big business. The problem is
that ASIC, like the ATO' will try to come up with a 'solution' if you're
big business rather then go the legal path. However if you're a small or
medium business without the resources to fight back watch out.
Meller's walked away from AMP with his super etc intact HOWEVER he was
going at the end of this year anyhow so it means bugger all
The people running these regulating bodies tent to
be kicked-upstairs boffins.
They're no Elliot Ness and his crowd.
Instead of class actions that go to enrich
lawyers, the poor aggrieved might pool their
meager resources and engage the Mafia & Unione
Corsem who have a way of extracting money (and
their fees) from the carpetbaggers. Quickly done
too. And forget about limited liability!
You must get a colourful crowd at your soirees and bbq's.
Peter Jason
2018-06-05 01:34:56 UTC
Permalink
On Mon, 4 Jun 2018 18:30:36 +1000, Pelican
Post by Pelican
Post by Peter Jason
On Fri, 20 Apr 2018 14:02:42 +1000, de chucka
Post by de chucka
Post by Pelican
Given the evidence given to the Royal Commission about how seriously the
banking industry regards one of the key regulators, ASIC, the government
has today released both a review of ASIC enforcement, and the
government's response to the recommendations in the review.  See here -
https://treasury.gov.au/review/asic-enforcement-review/
The government has had its arse very firmly kicked in the Royal
Commission, and ASIC has been proven useless as a regulator.  The
criticisms are shared by both major political parties, and reforms
should be bi-partisan.
Any changes proposed by the government will wait for the recommendations
of the Royal Commission.  No doubt those recommendations will go rather
further than the review.
10% of profits as a fine or 10 years in the slammer are irreverent if
ASIC continues as a pussy when it comes to big business. The problem is
that ASIC, like the ATO' will try to come up with a 'solution' if you're
big business rather then go the legal path. However if you're a small or
medium business without the resources to fight back watch out.
Meller's walked away from AMP with his super etc intact HOWEVER he was
going at the end of this year anyhow so it means bugger all
The people running these regulating bodies tent to
be kicked-upstairs boffins.
They're no Elliot Ness and his crowd.
Instead of class actions that go to enrich
lawyers, the poor aggrieved might pool their
meager resources and engage the Mafia & Unione
Corsem who have a way of extracting money (and
their fees) from the carpetbaggers. Quickly done
too. And forget about limited liability!
You must get a colourful crowd at your soirees and bbq's.
A few are lawyers who have seen the light. I hold
matinees too.

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