The Australian Securities and Investments Commission (ASIC) tasked as the national corporate regulator is an independent commission of the Australian Government. It regulates and licenses company and financial services and enforce laws to protect Australian consumers, investors, and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC is responsible for the administration of the Corporations Act 2001, the primary legislation controlling the corporate operations of Australian businesses. ASIC is in charge of company registration and ensures that companies, directors, auditors, and other market participants fulfill their legal obligations.
Company registration
ASIC registers companies, businesses, and investment platforms; grant AFS licenses and Australian credit licenses; register auditors, self-managed superannuation fund (SMSF) auditors, and liquidators; grant relief from various legislative requirements; make rules aimed at ensuring the integrity of financial markets; order the shutting down of a company under necessary circumstances, and enforce a stop order if a product disclosure statement is defective.
The commission which reports to the Treasurer is made up of three to eight members and is in charge of the management and administration of ASIC under the ASIC Act. ASIC administers the following legislation:
- Act 2001 of the Australian Securities and Investments Commission (ASIC Act)
- Business Names Registration Act 2011
- Corporations Act 2001 (Corporations Act)
- Insurance Contracts Act 1984
- Act of 2009 for the Protection of Consumer Credit (National Credit Act)
- Banking Act 1959
- Life Insurance Act 1995
- 2003 Medical Idemnity (Product Standards and Prudent Supervision) Act
- Retirement Savings Accounts Act 1997
- Superannuation (Resolution of Complaints) Act 1993
- Act of 1993 governing the superannuation industry (SIS Act).
ASIC maintains Australia’s company and business name registers that include companies, registered bodies, foreign companies, associations, managed investment schemes, and non-registered entities. These registers can be searched online on ASIC’s official website. The available information includes past and present information about the organization like addresses, directors, names, as well as the organization’s business number or company number, type of business run by the company (e.g., sole proprietary company, limited by shares), date it was registered, the next review date, location of registered office (town or suburb only), and any professional licenses or registrations (e.g. a financial services or credit license issued by Australia).
Additional info
Headquarters- Sydney, New South Wales
Minister- Josh Frydenberg (Treasurer of Australia)
Commission executive- Joseph Longo, Chair
Parent department- Treasury
Website – asic.gov.au
