ASIC cracks down on shadow banks following Wickham, Banksia collapses THE corporate regulator has proposed tough new laws in a bid to overhaul the nation's $4.5 billion debenture industry, which has been littered with collapses that have hurt tens of thousands of retiree investors. The Australian Securities and Investments Commission (ASIC) has called for trustees - who are responsible for representing the interests of fund investors - to regularly report on the financial viability of the funds they monitor.