Australia Corporate Watchdog Faces Senate Calls for Breakup.

A Senate committee report has recommended that Australia's corporate watchdog, the Australian Securities and Investments Commission (ASIC), be split into two separate entities in order to improve its enforcement capabilities. One entity would focus on financial-services firms, while the other would oversee non-financial companies. The report also suggests providing compensation for whistleblowers. The recommendations aim to address concerns about ASIC's broad remit and lack of transparency, as well as its declining effectiveness in initiating cases. The response to these recommendations will determine whether ASIC undergoes significant reform. [Extracted from the article]