Australia's Financial Regulator Assessment Authority (FRAA) recently released the report on its inaugural review of the Australian Securities and Investments Commission (ASIC). The review found ASIC was "generally effective and capable," but that there was opportunity for improvement at the regulatory agency.
Specifically, the report makes four recommendations for ASIC to become more effective: reform culture to facilitate the adoption of data and technology solutions; improve stakeholder engagement; develop metrics for measuring its own effectiveness; and enhance its breadth of abilities to better be able to regulate the financial industry of the future.
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