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Australian regulator to beef up investigatory powers

Thursday 23 September 2010 - by Will Henley

Australian Prime Minister Julia Gillard has put financial reform high on her legislative agenda, with increased powers for the Australian Securities and Investment Commission among a raft of bills tabled today.

Fresh from claiming victory last month after a hotly contested general election, Gillard revealed that a law strengthening the Australian regulator’s investigatory powers will be introduced when parliament resumes next week.

In a statement, Gillard, who enjoys only a wafer thin majority with the support of independent MPs, said: “Little of this legislation will make headlines or nightly TV bulletins - but step by step it will make a difference to the lives of families across Australia.”

The Corporations Amendment (No.1) Bill, one of 40 bills slated for the new Parliamentary calendar, will boost the ability of the Australian Securities and Investment Commission to thwart insider trading, while improving access to corporate share registers.

Other bills will tighten tax disclosure information and allow resident firms to claim up to 45 per cent in tax concessions for research and development.


Next week’s opening of the 43rd Parliament of Australia is the first since the country’s general election on 21 August.


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