The Australia Securities and Investment Commission (ASIC) said that their stepped-up supervision is aimed at enforcement.
Cathie Armour, ASIC Commissioner, said at the Market Integrity Liaison meeting which was held on Thursday, that the recent announcement by the Treasury about the additional 70 million over two years in funding is because of submission corporate regulator made to the government.
Amour told attendees of the market integrity meeting that a lot of the funding will be geared towards enforcement.
“We will receive $27 million a year into our enforcement that goes into special enforcement fund that we can accumulate.”
She said that they will be receiving $27.2 million and then an additional $10 million and next year it will $27.2 million and then an additional $15 million.
She said when it comes to the highly publicised closer continual monitoring of the four large banking groups and the AMP.
She said that this means spending at the businesses to see how they will work and then this will complemented with some thematic reviews.