What is the role of Australian Securities and Investments Commission?

What is the role of ASIC Australia?

Our role under the ASIC Act is to: maintain, facilitate and improve the performance of the financial system and entities in it. promote confident and informed participation by investors and consumers in the financial system. administer the law effectively and with minimal procedural requirements.

What laws does ASIC administer?

ASIC administers and enforces a range of legislation. … Australian Securities and Investments Commission Act 2001 (ASIC Act) Business Names Registration Act 2011. Corporations Act 2001 (Corporations Act)

What areas does ASIC regulate?

ASIC regulates the conduct of Australian companies, financial markets, financial services organisations (including banks, life and general insurers and superannuation funds) and professionals who deal in and advise on investments, superannuation, insurance, deposit-taking and credit.

How does the Australian Securities and Investments Commission Act 2001 relate to business operations?

The Australian Securities and Investments Commission Act 2001 (ASIC Act) requires ASIC to strive to: maintain, facilitate and improve the performance of the financial system and entities within it in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy.

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What is the role of Australian Competition and Consumer Commission?

The Australian Competition and Consumer Commission (ACCC) is an independent Commonwealth statutory authority whose role is to enforce the Competition and Consumer Act 2010 and a range of additional legislation, promoting competition, fair trading and regulating national infrastructure for the benefit of all Australians

What is the Australian Securities and Investments Commission Act 2001?

ASIC’s role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors.

What types of complaints does ASIC deal with?

ASIC is interested in scams involving a financial product, such as:

  • financial products and services promising returns that are too good to be true.
  • phone investment scams.
  • pyramid marketing schemes involving a financial product.

Which powers can ASIC use to investigate?

ASIC has the powers to investigate breaches and institute civil or criminal proceedings under these Acts. This includes actions against directors, companies or other implicated persons, for matters such as breach of duties, misappropriation, and insolvent trading.

What are the ASIC enforcement powers?

As a government body, ASIC has the power to investigate, inspect and audit organisations, examine individuals and may cause prosecutions and civil actions to begin against alleged offenders. Failure to comply with ASIC investigations is also an offence.

Does ASIC regulate the ASX?

ASIC is responsible for the supervision of real-time trading on Australia’s domestic markets, including those operated by ASX Group, and for enforcing the laws against misconduct on Australia’s financial markets, as well as supervising Australian Financial Service Licence (AFSL) holders.

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What is an enforceable undertaking ASIC?

Enforceable undertakings are undertakings given to us (and accepted by us) which are enforceable in a court. They are generally accepted by us as an alternative to civil or administrative action where there has been a contravention of the legislation we administer.