The inquiry, which now welcomes submission, will examine ASIC’s capacity and capability to commence a proportionate investigation and enforcement action stemming from reports of alleged misconduct, according to the agreed terms released by the parliamentary joint committee on corporations and financial services last week.

“In undertaking this inquiry, the committee will deliver on its statutory duty and consider whether ASIC’s policies and systems are meeting the threshold expected of it,” a statement from the committee said.

“As Australia’s corporate, markets and financial services regulator, ASIC is entrusted with the responsibility of ensuring that Australia’s financial markets are fair and transparent, within which all participants engage lawfully,” the committee added.

Senator Andrew Bragg took to Twitter on Wednesday to announce that the Senate Economics References Committee is now welcoming submissions.

“We’ve opened submissions into the ASIC inquiry which the Senate commissioned last week. Now, we want to hear from you, we want to know if you’ve had a bad experience with ASIC. We want to know if you have ideas on how ASIC can be improved,” Senator Bragg said.

“This is very important because we need to have a country where the corporate regulator works for all the people, that it works to enforce the law for consumers and for small businesses,” Mr Bragg continued.

Evidence for ASIC’s failures was first highlighted by the Hayne royal commission.

The inquiry into ASIC is also commencing as the Parliament considers new legislation to establish a compensation scheme of last resort.

Submissions are open until 3 February.