The Australian Securities and Investments Commission (ASIC) is an independent agency of the Australian government, established on July 1, 1998, based on the recommendations of the Wallis Inquiry, responsible for regulating Australian companies. The role of ASIC is to implement financial services laws and regulate corporate behavior to protect Australian consumers, investors, and creditors. The authority and scope of ASIC are determined by the Australian Securities and Investments Commission Act 2001.