what is asic australia

ASIC stands for Australian Securities and Investments Commission, which is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC regulates Australian companies, financial markets, financial service organizations, and financial professionals. Its role is to regulate company and financial services and enforce laws to protect Australian consumers, investors, and creditors. ASIC ensures that Australias financial markets are fair and transparent. It issues financial licenses and monitors businesses that provide financial services to ensure that they operate efficiently, honestly, and fairly through the Australian financial services licensing system. ASIC also supervises operators of financial markets, operators of clearing and settlement facilities, and financial market participants. Any business operating in the Australian market must comply with ASIC requirements, and failure to comply can mean stiff penalties and, in some cases, criminal prosecution.