Australia government boosts resources, power for market watchdog

April 20, 2016 12:56 AM

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SYDNEY, April 20 Australian Treasurer Scott Morrison on Wednesday announced that banks will pay an additional A$120 million ($93.5 million) to increase resources of the market regulator, augmenting its power to investigate financial misdeeds.

The Australian Securities and Investment Commission will get a new commissioner with prosecuting experience, Morrison said, while announcing an extension to the term of ASIC Chairman Greg Medcraft by 18 months.

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