ASIC - FRAA review panel and nominations

Question

Senator DEAN SMITH: Is it a reviewer or is it a panel of reviewers? Ms Court: I don't know the exact requirement in the legislation, I can't recall it, but last time there was a panel of reviewers; there were three people who made up the FRAA panel. Senator DEAN SMITH: Have you been asked by the Treasury for any suggestions about who might be appropriate to sit on the panel? Ms Court: Yes, I think we may have in one of those meetings. Senator DEAN SMITH: Did you provide some advice to the Treasury about who would be suitable on that panel? Ms Court: I'll have to take that on notice. I don't recall giving advice, in any formal sense, to the Treasury. I think more likely-but I'm speculating here-we said, 'Yes, we'll think about if there are any names that might be good to do this'. I can take on notice whether or not we've provided any particular suggestions. Sometimes, of course, it can be helpful to have former regulators, or people who know ASIC's work and who know the context in which we're working, because then people don't start completely from scratch. I don't know if anyone else has a better answer to that, but we're very open to engaging with Treasury and to providing any assistance that we can to help the process. Senator DEAN SMITH: I'm just keen to be clear about this, because it goes to the independence of the review. Ms Court: Sure. Senator DEAN SMITH: Has the review not been a formal agenda item on your quarterly meetings between ASIC and the Treasury? Ms Court: I think I said I'd take that on notice. I want to check the agendas.

Answer

See attached response.

Documents

• Question with answer (PDF) (opens in a new tab)
• SQ26-000482 ASIC - FRAA review panel and nominations.pdf (opens in a new tab)