This article LTG Goldrol to introduce you to the regulatory objects and regulatory requirements of ASIC ASIC in Australia's Securities Investment Commission ~
Regulatory object
Extensive pension, insurance, deposit and loan industry employees
Financial institutions of local banks and international bank branches that develop business in Australia
Financial transactions such as securities, futures, foreign exchange, financial derivatives institutions
All employees involving financial product information consulting and services
All practitioners in the financial industry need to hold a certificate and engage in financial business in accordance with regulations
ASIC's supervision of the foreign exchange market
Foreign Exchange Market is one of Australia's most important financial trading markets.ASIC's most important scope of supervision.
According to the ASIC Act, any financial institutions engaged in financial transactions in Australia need to accept ASIC certification and apply for a financial service license (AFS Licence), and the foreign exchange market is no exception.
Financial institutions engaged in the foreign exchange market in Australia are: banks, foreign exchange dealers , brokers, foreign exchange information providers, etc.
Regulatory requirements
Regulatory requirements implemented by ASIC
1. Must apply to obtain AFS Licence and obtain the operating authority specified by the license
2. Mandatically liability insurance for customers (Pi Insurance)
3. The company's shareholders and management and the prescribed permit representatives must be filed in accordance with the ASIC regulations
4. It is necessary to establish a complete set of customer complaint solutions and join the FOS dispute solution agency
5. According to supervision requirements, you must open an exclusive account of customer funds at the designated bank and separate management from the company's own funds
6. Regularly submit the company's business financial report, conduct regular accounting audit, submit ASIC filing
7. Regularly submit a customer transaction report and submit ASIC filing
In addition, ASIC has established a complete set of supervision and management mechanisms for the foreign exchange market. Anyone who complains to foreign exchange market participants in any customer , ASIC requires the respondent to participate in the dispute according to the process to damage the interests of customers' interests to damage customer interestsThe behavior requires dealers to compensate.If the regulatory enterprise operates illegal operations, it will be severely punished or prosecuted by ASIC, and even the financial service licenses and ordinary business licenses will be revoked.
At the same time, ASIC conducts effective rights and interests on international investors investing in Australian financial institutions and enjoy the same legal rights as Australian investors.
