ASIC

The Australian Securities and Investments Commission (ASIC) is the government body responsible for joint regulation and the oversight of pecuniary operate intersection points, whilst wanton awaying a key contribution ensuring consumer certificate in the Australian monetary system. They administer and enforce a range of legislative feed relating to financial markets to ensure the honor 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 portion market. ASIC also implements the provisions of the Financial Services neaten hazard 2001, which came into effect on the 11th of process 2002. This travel 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 single sta tutory regime for financial product disclosure. At the same clipping, the framework allows for flexible treatment of diverse financial products where appropriate (e.g. basic deposit products are discomfit to slight intensive regulation than more complex enthronement products). oer the recent few years, ASIC has not effectively managed its role as a corporate regulator, failing to protect consumers. integrity 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 given responsibilities. Investors of t! he time consider that ? scrimpy efforts were made to inform them about a hot sulphur Wales court ruling severalizeing Fincorp to offer mess a refund whod invested in the company at a time when the promotional material was judged inadequate?. Furthermore, Graham Macauley, the chair of the Westpoint Investors Group, some other corporate that collapsed due to inadequate step in by ASIC, criticised ASIC, ?Fincorp... If you hope to get a full essay, order it on our website: OrderCustomPaper.com

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