The Australian Securities and Investments Commission (ASIC) will receive additional funding of $12.3 million over the next four years to assist in implementing the Government's toughening of laws dealing with corporate disclosure.
Under the ninth instalment of the Government's Corporate Law Economic Reform Program (CLERP 9), ASIC will be provided with new powers to deal with inadequate disclosure by corporations, including the power to issue "on the spot" fines. The additional funds will be used for surveillance, investigation and taking enforcement action in relation to alleged contraventions of the revised corporate disclosure requirements.
The funding boost for ASIC in this Budget builds on measures in last year's Budget that increased ASIC's funding by $90.8 over four years.