The Australian Securities and Investment Commission (ASIC) has set out its vision for a “fair, strong and efficient financial system for all Australians” in its corporate plan for 2019-23.
During the next four years, ASIC plans to roll out a new enforcement strategy with particular focus on increased court-based outcomes. Moreover, it plans to focus on “more intensive supervision”, especially in relation to governance. It also advocates “greater use of next-generation regulatory tools”, including artificial intelligence, behavioral science and data analytics.
ASIC sets out a four-step regulatory mission: to change behavior to drive good outcomes, to act against misconduct, to promote strong and innovative development of the financial system, and to develop that system so that Australians are able to be in control of their financial lives.
Innovation, technology and behavior form a common theme throughout the 52-page document. It highlights that its Office of Enforcement, which was established in 2018, will oversee the use of emerging technologies to enhance its enforcement capabilities. ASIC, it seems, is joining a global movement amongst other regulators to encourage new ways of thinking to achieve compliance goals, and forming new teams to ensure such action is taken.