Last month, the final report of an Australian Senate inquiry into the Australian Securities and Investments Commission (ASIC) argued that the regulator was a "toothless tiger" and called for it to be broken up.
In 2019, the Royal Commission into Misconduct in the Banking, Superannuation — led by Kenneth Hayne — found that ASIC had too large of a remit to fulfill, given existing restraints and resourcing. The Commission's final report argued that ASIC had a poor enforcement culture and that the country may benefit by creating a separate civil enforcement agency. Hayne stopped short of suggesting outright that ASIC be split in two, but argued that the situation warranted further monitoring.
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