SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES AND SUPERANNUATION
MEMBER FOR WHITLAM
STEVE GEORGANAS MP
DEPUTY CHAIR, PARLIAMENTARY JOINT COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES
MEMBER FOR ADELAIDE
Josh Frydenberg’s putting a muzzle on the corporate watchdog and it’s millions of Aussie investors who’ll pay the price.
ASIC Commissioner Cathie Armour’s evidence today before the Joint Committee on Corporations and Financial Services has exposed Frydenberg’s fizzer once and for all.
His changes dig out a legal hidey-hole for Company Directors to keep market sensitive information to themselves and those in the know, while ordinary investors are treated like mugs.
“That will inevitably mean we spend more time on each incidence and we would potentially not be able to peruse as many cases as we can now,” Commissioner Armour told the Committee under questioning from Labor MP and Deputy Chair Steve Georganas.
She added: “We anticipate that firms may not be as wiling to pay an infringement notice because if they don’t we have to bring a civil penalty action and, if you like, the burden has changed in the civil penalty action.”
This evidence exposes Frydenberg’s claim that ASIC’s powers won’t change.
The fact is, under this Government, Company Directors make their own rules and Josh Frydenberg’s only job is to rubber stamp them.
The new misleading and deceptive conduct rules were written by Company Directors, for Company Directors.
They treat ASIC as an annoyance, and transparency like a bad smell that’s best avoided.
Now they’ve got a Treasurer who’ll knee-cap his own regulator and keep the hoi polloi well away from the secret handshakes and knowing boardroom winks.