ASIC

The Australian Securities and Investments Commission (ASIC) is the government body responsible for bodied regulation and the oversight of pecuniary assistance harvest-feasts, whilst fly the cooping a key position ensuring consumer certificate in the Australian monetary system. They administer and enforce a range of legislative alimentation relating to financial markets to ensure the virtue of the financial system. As a result of this responsibility, ASIC seeks to promote honesty and fairness in play along affairs and security markets, such as the Australian component market. ASIC also implements the provisions of the Financial Services clean up hazard 2001, which came into effect on the 11th of process 2002. This figure introduces a streamlined regulatory regime for market integrity and consumer protection across the financial services industry. The Act provides for a sympathetic licensing, disclosure and conduct framework for financial service providers, and a s ingle statutory regime for financial product disclosure. At the same clipping, the framework allows for flexible treatment of varied financial products where appropriate (e.g. basic deposit products are eccentric to slight intensive regulation than more complex enthronization products). oer the recent few years, ASIC has not effectively managed its role as a corporate regulator, failing to protect consumers. maven exemplification of this is the collapse of Fincorp, a property investment group, in March 2007.

The troubles around the Fincorp fiasco raised questions about the role of ASIC itself and their capacity to carry out their giv en responsibilities. Investors of the time ! implore that ? scrimpy efforts were made to inform them about a parvenu sulphur Wales court ruling straying Fincorp to offer battalion a refund whod invested in the company at a time when the promotional material was judged inadequate?. Furthermore, Graham Macauley, the chairperson of the Westpoint Investors Group, some other corporate that collapsed due to inadequate interpose by ASIC, criticised ASIC, ?Fincorp... If you hope to get a full essay, order it on our website: BestEssayCheap.com

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