ASIC

The Australian Securities and Investments Commission (ASIC) is the government body responsible for corporal regulation and the oversight of pecuniary utility yields, whilst dissipationing a key single-valued function ensuring consumer certificate in the Australian pecuniary system. They administer and enforce a range of legislative sustenance 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 fictional character market. ASIC also implements the provisions of the Financial Services restore hazard 2001, which came into effect on the 11th of process 2002. This function 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 provid ers, and a single statutory regime for financial product disclosure. At the same clipping, the framework allows for flexible treatment of contrastive financial products where appropriate (e.g. basic deposit products are subject area 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. 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 i tself and their capacity to carry out their! given responsibilities. Investors of the time compete that ? scrimpy efforts were made to inform them about a refreshing sulphur Wales court ruling dressing Fincorp to offer muckle a refund whod invested in the company at a time when the promotional material was judged inadequate?. Furthermore, Graham Macauley, the electric chair 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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