Frydenberg’s directions to ASIC throw the banking royal commission under a bus

Treasurer Josh Frydenberg appears to have thrown the most important findings of the banking royal commission under a bus, in glorious double-speak. On Thursday he issued a direction to the Australian Securities and Investments Commission through what is known as a statement of expectations. It is very different from the previous such statement, issued in 2018. This one includes an entirely new clause, placed right at the top. The government expects ASIC to: identify and pursue opportunities to contribute to the government’s economic goals, including supporting Australia’s economic recovery from the COVID pandemic.  ASIC’s description says it is a regulator whose job is to “take whatever action we can, and which is necessary, to enforce and give effect to the law”. From ‘why not litigate’… It’s how the royal commission saw ASIC’s role.

…to ‘why not capitulate’

Rather than “why not litigate,” it reads as “why not capitulate” — justified by the need to identify opportunities to contribute to Australia’s economic recovery.

 

Source: Frydenberg’s directions to ASIC throw the banking royal commission under a bus

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.