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Additional budget funding for ASIC

Jeffrey Lucy, chairman of ASIC, has welcomed the additional funding for ASIC contained in last night’s Federal budget.‘The additional funding of $234.6 million over four years will allow ASIC to establish a new electronic registration system for company charges, enhance IT security and develop a presence in non-exchange-based market trading’, Mr Lucy said.Included in the additional funding is a Special Account of $30 million per annum ($120 million over four years) that will be used by ASIC to fund enforcement activities associated with the investigation and litigation of exceptional matters that are of significant public interest. These funds are intended to be used by ASIC once the cost of an individual enforcement action exceeds $1.5 million.Mr Lucy said the four years of additional funding provides ASIC with the ability to undertake projects over the medium term that will further enhance the regulatory environment.‘The increased funding will improve ASIC’s ability to meet the new challenges of the broad territory we patrol’, he said.

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