Government and industry have embraced ASIC's decision to overhaul its organisation in order to be more flexible.
Yesterday ASIC chair Tony D'Aloisio announced the outcomes of a strategic review that would prepare ASIC for current and future challenges.
These changes include the establishment of 17 teams that will include representatives from the financial services including retail investors, consumers, investment managers, investment banks, superannuation funds and financial advisers.
As a result four ASIC divisions will be abolished. Additional resources will also be directed to the supervision of brokers and exchange traded products.
"I believe the important operational reforms ASIC has announced today will bring its activities closer to the market, making it more flexible and better positioned to manage current and emerging issues and to robustly enforce the law," Minister for Superannuation and Corporate Law Nick Sherry said.
The Association of Superannuation Funds of Australia (ASFA) and the Investment and Financial Services Association (IFSA) also welcomed the ASIC announcement.
"ASIC welcomes the changes outlined. In particular the outwardly focused stakeholder teams which indicate more strenuous decision making from the regulator," ASIC chief executive Pauline Vamos told InvestorDaily.
IFSA deputy chief executive John O'Shaughnessy said the changes indicated that ASIC will take a more consultative approach to industry.
"We believe Australia already has a good regulatory structure. These changes will only enhance the system and produce better outcomes for both industry and consumers," O'Shaughnessy said.
