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Australia ASIC
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ASIC regulatory measures
1, Extensive pension, insurance, deposit and loan industry institutions
2, Local banks, financial institutions and international banking branches operating in Australia
3, Securities, futures, foreign exchange, financial derivatives and other financial transactions
4, All institutions that involve financial product information, consultation and services
5, All financial industry practitioners need to hold certificates, and according to regulations engaged in financial services
foreign exchange market
The foreign exchange market is one of Australia's most important financial market, the ASIC and the Australian Stock Exchange (Australian Stock Exchange---ASX), the banking system, foreign exchange and other financial derivatives dealers are the most important regulatory ASIC.
Under the ASIC act, any financial institution engaged in financial transactions in Australia is required to receive ASIC certification and apply for financial services licence (AFS Licence), and the foreign exchange market is no exception. At present, the financial institutions engaged in the foreign exchange market in Australia are: banks, foreign exchange dealers, brokers, foreign exchange information providers, etc..
Formal platform must have (AFSL: Australian financial business license number) this number, and only with this number will be eligible to do financial derivatives. Only companies with separate (ABN: Australian business registration code, ACN: Australian company code) are not eligible for financial derivatives. Each with the AFSL number has the corresponding ABN, ACN code; but with only ABN, the ACN code does not necessarily have the AFSL number.
Regulatory requirements
1, Must apply for access to AFS Licence, and be granted permission to specify the operating authority
2, Must for the customer to handle the specialized responsibility compulsory insurance (PI Insurance)
3,The company's shareholders and management, as well as the required card holders are required by ASIC regulations for the record
4, The establishment of a full set of customer complaints solutions, to join the FOS dispute settlement body
5, According to regulatory requirements in the designated banks to open exclusive account of customer funds, and separate management of the company's own funds
6, Regularly submit the company's operating financial reports, regular accounting audit, submitted to ASIC for the record
7, Regularly submit customer transaction reports, submitted to ASIC for the record
In addition, ASIC was established for the supervision and management mechanism of the foreign exchange market a set, where there are any customer complaints of foreign exchange market participants, ASIC are required to be complaints according to the process involved in the dispute resolution, damage to the interests of the customer, dealers are required to pay compensation. If the regulatory enterprises have illegal operations, ASIC will be severely punished or prosecuted, and even revoke the financial services license and general operating license.
At the same time, ASIC has effectively protected the rights and interests of international investors investing in Australian financial institutions and enjoyed the same legal rights as the local investors in australia.
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