About Australian Securities & Investments Commission
ASIC or Australian Securities & Investments Commission is the Australian governments’ independent commission. Formed on 01st July 1998 and jurisdiction area is Australia. Its headquarter is in Sydney, NSW, Australia. It came into existence on the recommendation of the Wallis Inquiry. ASIC reports straight and directly to the Treasurer of Australia. The Treasurer of Australia is a senior minister and a high-ranking official of the crown. The Ministry of Treasury is responsible to collect revenue and disperse government expenditure for the Australian government. It has nearly 2000 employees.
What does ASIC do?
– Protects Australian consumers, creditors, finance professionals, small businesses, and investors.
– Maintains business names and companies which are located in Australia.
– Registers foreign companies and associates.
– Manage non-registered entities and investment schemes.
ASIC’s role under ASIC Act.
– Improve, expedite, enable, and maintain the performance of entities and financial systems.
– To encourage confidence and provide information to consumers and investors regarding a financial matter.
– To see that the law of the land is strictly followed as far as financial matter is concerned. Govern and administer the law effectively.
– Any information that is received should be processed and stored efficiently so it should be quickly updated as possible.
– To make available information regarding companies to the general public, investors, agencies, and other bodies.
– To take needed action that is necessary to administer law and order as concerned to finances.
Legislations that are fully and/or partially administered by ASIC are as follows.
-Insurance Contracts Act 1984.
-ASIC Act 2001.
-Business Names Registration Act.
-National Consumer Credit Protection Act.
-Corporations Act 2001.
– Life Insurance Act 1995.
– Retirement Savings Accounts Act.
– Banking Act 1959.
– Superannuation Industry Act.
– Medical Indemnity Act 2003.
– Superannuation (Resolution of Complaints) Act 1993.
In case you want a digital copy of all the above acts, it is available with the Federal Register of Legislation. It is a government website for related documents and Commonwealth legislation.
Powers conferred on ASIC.
For the laws to be administered and to perform their role ASIC has been given certain powers as described below.
- Register and license – To register financial services providers anywhere in Australia. To maintain easy-to-understand public registers. Provide licenses to financial services, businesses, and credit providers located in Australia.
- Regulate – Getting involved to ban flawed, substandard, imperfect products or services. Form legislative rules, to ensure financial market trustworthiness, reliability, and maintain honesty. Grant relief to businesses and financial providers from the legislation.
- Enforce – Investigate and examine suspected breaches. To issue infringement notices to scam companies. If required to seek civil penalties on providers. Ban individual, group, or company activities. Prosecute offenders of the laws.
Financial information, advice, and assistance given by ASIC.
The ASIC governs a wide assortment of financial products which includes general and life insurance, deposit accounts, securities, margin lending, derivatives, superannuation, carbon units, and methods of payment services.
ASIC is a single-window for licensing financial advice, sales, and dealing of all financial products and services. It has a policy for comparable and consistent product disclosers.
ASIC is the only approved system for all financial settlement, clearing, and exchange facilities.
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