A parliamentary inquiry into the Australian Securities and Investments Commission (ASIC) has revealed startling evidence about some of its operations, including liquidator workforce issues and a not-so fast-track insolvency program.
Worst of all, ASIC is using artificial intelligence to auto-reject reports containing evidence of serious corporate crime.
Since 1991 ASIC has been the countrys corporate cop, on behalf of the government, regulating all business entities registered under the Corporations Act.
ASIC is itself the result of a sort of hostile takeover. It replaced the National Companies and Securities Commission and absorbed the corporate affairs offices of all states and territories.
As digitised markets and offshore…
Read the full article at: https://www.greenleft.org.au/content/asics-corporate-criminal-cop-out