ASIC may be given telephone intercept powers
A panel appointed to look at the Australian Securities and Investments Commission's enforcement powers has been asked to consider whether the regulator should be allowed to use telephone intercepts.The Minister for Financial Services Kelly O'Dwyer has released details of a review panel that will assess the Australian Securities and Investments Commission's enforcement powers.The panel will be chaired by Kate Mills, a principal adviser in the financial systems division of Treasury. Other panel members are from ASIC, the Attorney-General's Department and the Commonwealth Director of Public Prosecutions.The panel will be supported by an expert panel, whose members include representatives from the Consumer Action Law Centre, the Law Council of Australia, Minter Ellison, the University of New South Wales and the University of Melbourne.The panel will also have access to a reference group, which will include "a range of stakeholders" and overseas regulators.The review is a response to a Capability Review of ASIC released in April.O'Dwyer said: "The Government is committed to ensuring that ASIC has the powers it needs to protect consumers and perform its functions as Australia's corporate, markets and financial services regulator."Issues the panel will cover include the adequacy of civil and criminal penalties for financial system contraventions and corporate fraud, and the adequacy of enforcement relating to credit licensing powers. It will look at the adequacy of ASIC's power to ban offenders from occupying company offices following the commission of serious contraventions.It will also look at the adequacy of the regulator's information gathering powers and consider whether it should be allowed to use telephone intercept warrants. It will consider whether there is a need for alternative enforcement mechanisms, including the use of infringement notices for less serious matters and peer disciplinary review panels.