The Minister for Financial Services, Superannuation and Corporate Law, has released an exposure draft of regulations which support the Corporations Amendment (Financial Market Supervision) Act 2010 which transfers responsibility for supervision of Australia’s financial markets to the Australian Securities and Investments Commission (ASIC).

The draft regulations provide details of the infringement notice and enforceable undertaking regimes established under the Act, provide for transitional arrangements, and expand the group of entities to which the market integrity rules apply.

The handover of supervisory responsibilities to ASIC is scheduled for August 2010.