ASIC's Regulatory Powers - Search Warrants, Telecommunications Interception Warrants, Financial Services Licensing Decisions and Banning Orders - Suggested Reforms

This article discusses the reforms introduced by the Financial Sector Reform (Hayne Royal Commission Response - Stronger Regulators (2019 Measures)) Act 2020 (Cth), including the reforms relating to: the Australian Securities and Investments Commission's (ASIC's) search warrant powers; ASIC's ability to access telecommunications interception warrant material; and the new "fit and proper person" test in relation to ASIC's decisions under the Corporations Act 2001 (Cth) about whether to grant, suspend or cancel an Australian Financial Services Licence and whether to make banning orders. This article examines whether these reforms have harmonised the regulatory framework, and whether they have assisted ASIC to achieve its public interest regulatory objectives in s 1(2) of the Australian Securities and Investments Commission Act 2001 (Cth).