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The Corporations Act 2001 sets up a uniform approach to the regulation of financial services through a uniform licensing and disclosure regime. The general regulatory position is that a person (whether an individual or corporate entity) carrying on a financial services business in Australia must, unless exempted, hold an Australian financial services licence (AFSL) issued by ASIC.
Regulation of the financial system in Australia is split mainly between the Australian Securities & Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA). ASIC has responsibility for market integrity and consumer protection and the regulation of certain financial institutions (including investment banks and finance ...
Australia: Australian Prudential Regulation Authority (APRA) ; Australian Securities and Investments Commission (ASIC) ; Australian Financial Complaints Authority (AFCA) Austria: European Central Bank through European Banking Supervision ; Financial Market Authority (FMA) Azerbaijan
The main body of substantive law about securities is found in the Corporations Act 2001 (Cth), as well as the regulations made under that Act. Whilst much of the law is derived from earlier regulation (especially the bust in Australian mineral stocks of the late 1960s), the sections relating to securities regulation have been subject to recent amendment.
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. [ 2 ]
The Corporations and Financial Services Commission was renamed and its role expanded as the Australian Securities and Investments Commission (ASIC) to deal with market integrity, consumer protection and corporations. APRA was established on 1 July 1998 under the Australian Prudential Regulation Authority Act 1998.
Under Note 11 of The Commonwealth of Australia Constitution Act, The Corporations Act 2001 can be seen as still in effect. Australian Financial Services Licence (AFSL) is a legal licence provided by the Australian Securities and Investments Commission (ASIC) enabling the operation and activities of Australian financial services businesses. [1]
The Financial Management and Accountability Act 1997 is an Australian Government Act about the proper management of public money and property. It is administered by the Department of Finance and Deregulation .