The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, today applauded the Australian Securities and Investments Commission on its enforcement results during the past year.
He said the results, contained in ASIC's annual report tabled in Parliament today, were a clear demonstration of the regulator's high activity levels and effectiveness.
"There is no doubt that ASIC's stature and the regard held for it by business and the community generally continues to grow," he said. "The record of successful prosecutions and the very strong start to the implementation of extensive reforms to financial services legislation is the work of a well-resourced and focused regulator.
"Funding for ASIC in the last Budget was increased by $90 million over four years to ensure that it can maintain its full range of work."
During the past year, 19 corporate criminals were jailed for a maximum total of almost 75 years, taking the total for the past three years to 69 jailings for a maximum total of 229 years.
"This figure alone is a very clear message to business that Australia has a vigilant regulator who will ensure that those who break the law will pay a heavy price," Senator Campbell said.
"The Government congratulates Chairman David Knott and his people for their outstanding work."
CANBERRA
15 October 2002
Contact: Wayne Grant 02 6277 3955/0407 845 280