Legal framework-asic, Financial Management

Assignment Help:

Legal Framework

ASIC, in order to equip itself with its wide-ranging functions, is empowered with additional resources and new legislative powers. Towards this, the Australian Securities and Investments Commission Act, 1989 was amended to mirror the consumer protection provisions of the Trade Practices Act, 1974. Further, ASIC inherited a set of legislations covering the finance sector, i.e., general insurance, life insurance, superannuation and banking, rather than gaining new legislative provisions and powers as envisaged by the Wallis Report.

On 11 March 2002, the Financial Services Reform Act, 2001 (FSR Act) came into effect, making extensive amendments to the Corporations Act and other legislation covering the financial sector. The FSR Act implements, among other things, the Wallis Report proposals that there be a single licensing regime for financial services providers and consistent and comparable financial products disclosure. As a result of these amendments to the FSR Act, ASIC has been made responsible for regulating and enforcing a uniform framework for a wide range of financial products and financial services providers.

The Australian Securities and Investments Commission Act, 2001 requires ASIC to:

  • uphold the law uniformly, effectively and quickly;
  • promotes confidence and informed participation by investors and consumers in the financial system;
  • gives information about companies and other bodies available to the public; and
  • improves the performance of the financial system and the entities within it.

ASIC administers the following legislations (or relevant parts of it), as well as relevant regulations made under it:

  • Corporations Act, 2001.
  • Australian Securities and Investments Commission Act, 2001.
  • Insurance Contracts Act, 1984.
  • Superannuation (Resolution of Complaints) Act, 1993.
  • Superannuation Industry (Supervision) Act, 1993.
  • Retirement Savings Accounts Act, 1997.
  • Life Insurance Act, 1995.
  • Medical Indemnity (Prudential Supervision and Product Standards) Act, 2003.

 


Related Discussions:- Legal framework-asic

Illustrate the comparison between equity and debt, Illustrate the compariso...

Illustrate the comparison between equity and debt Equity and Debt: A Comparison 1. Equity shares don't carry any fixed charges on them. If company doesn't generate positiv

What was the second ground of criticism, What was the Second ground of crit...

What was the Second ground of criticism of traditional treatment Second ground of criticism of the traditional treatment was that focus was on financing problems of corporate e

Paper on Estate Planning (3–5 pages), Evaluate the tools commonly used in e...

Evaluate the tools commonly used in estate planning, including trusts, life insurance, and annuities. Compare the tools as to how they would apply for a couple in their mid-50s who

Financial algebra, can you help me subtract checks and balances in financia...

can you help me subtract checks and balances in financial algebra

#WALTOR''S MODEL., CAPITALISATION RATE=0.01 EARNINGS PER SHARE(E)=10 ASSUME...

CAPITALISATION RATE=0.01 EARNINGS PER SHARE(E)=10 ASSUME RATE OF RETURNS ON INVESTMENTS (R):15

State the terms- stock and share, Explain the terms- Stock and  Share ...

Explain the terms- Stock and  Share Stock Ownership of a company represented by shares that are a claim on the company's earnings and assets. Share Unit of equity

What are the characteristics of an efficient market?, What are the characte...

What are the characteristics of an efficient market? The term market efficiency denotes to the ease, speed, and cost of trading securities. In an efficient market the securitie

What are the negative consequences of a company holding, What are the negat...

What are the negative consequences of a company holding too much cash? A company holding in excess of cash would be giving up the opportunity to invest more in income producing

Evaluate consolidated income statement, The consolidated income statement...

The consolidated income statement for AB Group for the year ended 30 June 2010: (all amounts in the workings are in $000, unless stated otherwise)

Principle of opportunity cost, Suppose you have recently been contracted as...

Suppose you have recently been contracted as a financial consultant to a London-based engineering company, Alpha Products Plc. The company uses three components as part of their pr

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd