SEARCH
The proposed sale of ASIC’s registry functions will no longer go ahead, the Department of Finance has announced.
Following a scoping study, government undertook a tender process to “market test the capacity of a private sector operator” to upgrade, operate and develop new products for the ASIC registry, the department said.
“The government sought final bids for the right to upgrade and operate the registry and to develop and sell value added products and services,” the department said.
“Following the evaluation process, the government has decided not to engage a private operator for the ASIC registry taking into account the overall financial benefits as well as the costs to government.”
According to Minister for Finance Mathias Cormann, government chose not to proceed with the sale as “the final bids received did not deliver a net financial benefit for the Commonwealth”.
“The government appreciates the private sector’s participation throughout the competitive tender process,” he said.
“Learnings from this process will now feed into the government’s consideration of future approaches and improvements to government registry functions.”
Nevertheless, the Department of Finance said it had “identified credible private operators” who could upgrade and operate the registry, and added that “the outcome of the tender process is a valuable resource” for shaping future decisions.
“The tender process found that there are proven technology platforms operating successfully in other jurisdictions and demonstrated that the private sector can play a role in the development of future options for Commonwealth registry functions,” the department said.
“The government will consider future options for the registry functions and will make any further announcements in due course.”
Read more:
ASIC issues update on OnePath review
Major banks agree to enforceable undertakings
New resources analyst at Tribeca
Finance lawyers recognised in Corporate Counsel Awards
Canada’s derivatives exchange, the Montréal Exchange (MX), on Monday extended its opening times as part of the next phase of its trading ...
Judo Bank has been awarded an investment-grade credit rating. ...
La Trobe Financial has announced the approval of its carbon-neutral footprint program, marking its initiation into a growing group of asset ...
Get notifications in real-time for staying up to date with content that matters to you.
Read More
