Letter to the Minister



4 December 2015

The Hon Kelly O'Dwyer MP
Minister for Small Business and
Assistant Treasurer
Parliament House
CANBERRA ACT 2600

Dear Minister

Capability Review of the Australian Securities and Investments Commission (ASIC)

In accordance with the Terms of Reference, we are pleased to present the Panel's Report — Fit for the Future: A Capability Review of ASIC.

The Report presents findings and practical, forward looking recommendations framed to ensure ASIC has the right governance and leadership, strategy and delivery capabilities to meet its objectives and regulatory challenges today and in the future.

Implementation of the recommendations will ensure ASIC is best placed to deal with a rapidly changing external environment and promote enhanced industry, consumer, investor and community confidence in ASIC.

In our deliberations and in making our recommendations, the Panel has drawn heavily on the experience, expertise and insights of stakeholders garnered through submissions, consultation meetings and surveys we commissioned. The Report has also drawn upon evidentiary material collected by PricewaterhouseCoopers (PwC). The PwC evidence report was one of several key inputs to the Panel's deliberations.

The Report's 34 recommendations complement each other, implementing them will require the Government, the Parliament and ASIC working together in a mutual commitment. Those relating to governance and leadership are enduring and therefore matter most.

While we have benefited from the insights of many interested parties, the views expressed in this Report however are entirely our own, and we commend its recommendations to you.

Yours sincerely