ASIC ENFORCEMENT REVIEW TASKFORCE CONSULTS ON ASIC’S TELECOMMUNICATIONS INTERCEPT POWERS

The Government welcomes today’s release of the ASIC Enforcement Review Taskforce position paper titled ‘ASIC’s Access to Telecommunications Intercept Material’.

The ASIC Enforcement Review Taskforce was established by the Turnbull Government in October 2016 to conduct a thorough examination of the adequacy of ASIC's enforcement regime.

As part of its review the Taskforce is examining the adequacy of ASIC’s information gathering powers, including information obtained from telecommunications interception warrants.

The position paper outlines reform that would enhance ASIC’s access to, and use of, material intercepted under an interception warrant, issued to another agency, where that material is relevant to ASIC’s investigation and prosecution of serious corporations offences, including insider trading, market manipulation and financial services fraud.

“It is important that ASIC is able to gain access to information it needs to properly investigate and prosecute serious crimes in the corporate, financial services and credit sectors,” the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said.

The Taskforce is now seeking community and industry feedback on the paper before making final recommendations to the Government by the end of September.

Membership of the Taskforce includes senior members of the Treasury, ASIC, the Attorney-General’s Department and the office of the Commonwealth Director of Public Prosecutions, as well as representatives from industry bodies, consumer groups and academia.

The position paper is available on the Treasury website. Interested stakeholders are invited to comment on the positions put forward by the Taskforce. Submissions for the consultations will close on 17 August 2017.