What is Australia (ASIC)? Australia (ASIC) Review, Features

The Australian Securities and Investment Commission (ASIC) was established in 2001 under the Australian Securities and Investments Commission Act (ASIC Act). ASIC is the statutory regulator of financial services and markets in Australia. Simply put, it is a regulatory agency. The agency is an independent government department and independently exercises regulatory functions over companies, investment behaviors, financial products and services in accordance with the law. ASIC is the regulator of the Australian banking, securities and foreign exchange retail industries.

About ASIC

ASIC is committed to protecting the reputation and health of the Australian economy, ensuring fairness and transparency in the Australian financial market, and has received strong support from confident, professional investors and consumers. ASIC is a completely independent federal government agency that establishes and manages companies and businesses and supervises most of their operations in accordance with the law.

ASIC's perfect financial supervision system and strict enforcement have been unanimously recognized by investors and regulatory peers from all over the world. It has always been recognized as one of the most stringent, sound and investor-protecting financial supervision systems in the world. Many well-known institutions engaged in financial transaction services in Australia provide services to Australian and even global investors under the strict supervision of ASIC, including Bank of China Australia Branch (BOC) and Commonwealth Bank of Australia (CBA).

Basic functions

1. Maintaining market integrity: refers to preventing market manipulation, fraud and unfair competition, protecting market participants from financial fraud and other unfair practices, thereby enhancing investors' confidence in the financial market and maintaining the stability of the financial market.

2. Protecting consumer rights: This is reflected in ensuring the integrity and fairness of corporate, securities and options markets through full and timely disclosure of market information, and ensuring that small and medium-sized investors have access to sufficient and accurate information. When investors' rights are treated unfairly and suffer losses, they can be compensated through appropriate channels.

Regulatory functions

1. Jurisdiction

(1) As the consumer credit regulator, ASIC authorises businesses to engage in consumer credit activities (including banks, credit unions, financial institutions, etc.) and ensures the validity of licences under relevant regulations, including consumer responsibilities.

(2) As a market regulator, ASIC assesses how to effectively authorize financial markets and evaluates whether financial markets comply with their legal obligations to operate fairly, orderly and transparently. On August 1, 2010, ASIC assumed the supervision of the normal operation of the market licensed trading of stocks, derivatives and domestic futures markets under the permission of the Australian government.

(3) As a financial services regulator, ASIC licenses and monitors financial services companies to ensure that they operate effectively, honestly and fairly. These companies are engaged in the business of superannuation, funds, stocks, corporate securities, derivatives and insurance services.

2. Power in the financial markets

(1) Registering companies and managing investment plans;

(2) Granting of Australian Financial Services License and Australian Credit License;

(3) Registration, audit and liquidation;

(4) granting relief from the reserves of various legislation administered by ASIC;

(5) Maintain and manage publicly accessible information of the Company, licensed financial services and credit licensees;

(6) Formulate rules to ensure the integrity of financial markets;

(7) Prohibit the issuance of financial products under defective disclosure documents;

(8) requiring a person suspected of violating the Investigative Act to publish a book or answer a test;

(9) Issue infringement notices to individuals or groups suspected of violating relevant laws;

(10) Prohibit persons who violate regulations or laws from continuing to engage in credit business or provide financial services;

(11) Seeking civil penalties from the court;

(12) Proceedings. Even if ASIC initiates proceedings itself, these proceedings are generally conducted by the Federal Director of Public Prosecutions.

Advantages

1. Improve government functions and independently manage financial markets.

2. A comprehensive regulatory system that gives equal emphasis to supervision and management.

3. Assist and protect retailers and customers in financial operations.

4. Focus on protecting the rights and interests of investors and establish the FOS dispute resolution agency.

5. There are strict penalties for any violation of the law.

6. Release information more openly and fairly to ensure public interests.

7. Improve service levels through new technologies and processes.

Common ASIC numbers

1. ACN: Australian Company Number. This number is 9 digits. All companies registered in Australia will receive this unique 9-digit number.

2. ABN: Australian Business Number, this number is 11 digits, that is, 2 digits + ACN number, used for tax filing.

3. AFSL: Australian Financial Services Licence, also known as AFS Licence, is a financial services license. This number is 6 digits. All traders regulated by ASIC must obtain this license to be eligible to engage in financial derivatives, and vice versa.

How to make a complaint to ASIC

·Tel: 1300300630: within Australia; Client Contact Centre. + 61 3 5177 3988: from outside Australia.

Fax: (03) 5177 3999.

·write a letter:

Australian Securities and Investments Commission

PO BOX 4000

Gippsland Mail Centre

Victoria 3841

Email: [email protected].

Online: Click here to access.