Explain the role of the Australian Securities and Investments Commission ("the ASIC") and discuss the importance of this role for appropriate corporate governance in the twenty-first century. Introduction: ASIC was initially structured as the Australian Securities Commission (ASC), which began existence on 1 January 1991 under the (then) ASC Act 1989. The motivation behind the ASC was to unite corporate controllers across Australia supplanting national organizations and the Securities Commission and state and dominion corporate affairs offices. The corporate controller became the Australian Securities & Speculations Commission (ASIC) on 1 July 1998, when it also became responsible for the buyer's guarantee of superannuation, protection, shop hiring. It has since taken on further obligations: in 2002 for credit, the Australian Stock Trade in 2009. In 2012, ASIC asked the forces to use the information, which other brain organizations blocked. Regions of Obligation: ASIC's regions of obligation include: • Corporate Administration • Financial Administration • Securities and Subs • Insurance • Consumer Safety • Financial Education. ASIC is Australia's regulator for businesses, markets and financial services. It helps Australia's financial notoriety and well-being by ensuring that markets related to Australian money are reasonable and transparent, supported by some and educated tycoons and buyers. They are an autonomous district government body. We are subject to and supervise the Australian Securities and Speculations Commission Act (ASIC Act) and complete much of our work in business demonstration. The Australian Securities and Investme...... middle of document... ...k positions with the conventional perspective (even in the knowledge that this judgment could be reversed), will lead numerous leaders to take the simplest solution of trying to cultivate those different hobbies and manage those specific issues economically. There won't be many events where executives land in hot water, yet it is precisely these cases that end up being the key cases in court. References: http://en.wikipedia.org /wiki/Australian_Securities_and_Investments_Commissionhttps://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Summer-School-2011-report-1.pdf/$file/Summer -School-2011-report-1.pdfhttp: //www.comlaw.gov.au/Details/C2013C00002/Html/Text#_Toc343613354https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/corporate_governance_summit .pdf/$file/corporate_governance_summit.pdf