Today, LTG GOLDROCK will share with you the advantage of ASIC ~
ASIC is the legal regulatory agency of Australia's financial services and markets. ASIC is an independent federal government agency in Australia. With the approval of the federal government, the Australian Securities Investment Council Act approved by the Federal Government in 2001.Australia's financial system , the functions of financial supervision of various financial institutions and professional practitioners.
ASIC advantage:
1. Perfect government functions, independently manage the financial market
2. Comprehensive supervision system, equal emphasis on supervision and management
3. In financial operation, assist and protect retailers and customers
4. Pay attention to the protection of investors' rights and interests, set up a FOS dispute resolution agency
5. Strict punishment measures for any violation of laws
6. More disclosure and fair information release to ensure public interest
7. Improve service level through new technologies and processes
ASIC's measures to protect investors:
(1) All institutions operating financial products first need to apply for financial service licenses (AFS Licence)
(2) All institutions applying for AFSL financial service licenses need to handle professional liability insurance for customers (PI Insurance) for customers (PI Insurance)
(3) ASIC requires the complaint department to deal with customer complaints in a timely manner, strictly punish illegal traders, and even revoke the financial service license AFSL
(4) Strict customer risk disclosure, requires financial institutions to tell the customer company's operating risks without reservation , market transaction risk, etc.
ASIC's requirements for foreign exchange dealers to open an isolation account:
According to regulatory regulations on ASIC's official website (chapter RG-212 "Customer Funds for Derivatives Exids"), regulatory foreign exchange dealers must open an isolation account or trust account to store customer funds.The RG-212 has made clear requirements for the regulations and operating specifications of the isolation account, and the foreign exchange dealers who are regulated by ASIC have clearly stipulated when dealing with customer funds, so that the customer funds involved in foreign exchange investment transactions have been effectively guaranteed.As an effective regulatory agency, ASIC has fully implemented the "daily audit" system in terms of customer fund security guarantee to ensure that foreign exchange dealers can submit business reports on time and implement effective third -party audit systems.
Original RG-212 The first section of the first section is as follows:
The Client Money Provisions Protect The Internets of Clients of AFS Licenseesbyby:
section client money from money belonging to livensees;
Generally Requiring that Licensees Hold Client Money on Trust;
Limiting the users of client money;
Limiting the circumstances in which client money may be withdrawnfrom client money accounts;
Specifying How Client Money May Be Dealt with IF A Licensee Ceases Tobe LicenSed or Becomes Insolvent;
Requiring Auditors to Verify Licensees ’Compliance with the Client MoneyProvisions; and
Imposting Sanctions on Licensees Who Fail to Comply with the ClientMoney Provisions.
