Gets tick from HIH Royal Commission
ASIC has welcomed HIH Royal Commission findings that it had not been negligent in its duty with regards to HIH.
ASIC says it would also welcome further clarification on regulatory overlaps between ASIC and APRA.
Under terms three and five of the HIH Royal Commission’s Terms of Reference dealing with regulation, Justice Neville Owen has reported that: ‘There were no events that occurred in the period leading up to the failure of HIH which might reasonably be expected to have caused ASIC to take action against HIH earlier than February 2001 when it did so.’
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