Type of financial market regulation
1. Regulations to promote financial market integritu
2. Competition regulation
3. Prudential regulation
4. Consumer protection regulation
Who regulates : 정부기관과 SRO 기관으로 나뉨
1. Government regulatory organisations
ASIC(Austrailian Security and investments commission) - regulates company and financial services laws to protect consumers, investors and creditors.
also responsible for consumer protection in superannuation, insurance, deposit taking and payments, and consumer credit with the APRA
also directly supervises trading on such markets as ASX and Chi-X
APRA(Australian Prudential Regulation Authority) has responsibility for the control of prudential requirements for banks and other ADIs(Authorised Deposit-taking Institutions), life and general insurance, friendly societies and superannuation funds (exclude SMSF)
AUSTRAC(Australian Transaction Reports and Analysis Centre) is AML/CTF regulator and specialist financial intelligence unit.
ATO(Australian Taxation Office) administers tax legislation and is responsible for regulating all SMSF
FASEA(Financial Adviser Standards and Ethics Authority) was established 2017 to set the education, training and ethical standards of financial advisers who provide personal advice on relevant financial products to retail clients.
At FASEA's inception, ASIC continued to have oversight of general advice, personal advice to wholesale clients, and advisers providing advice in General insurance and deposit products and non-cash payment products only.
In December 2020, the Morrison Government announced that it would draft legislation to disband FASEA and have its role divided up between Treasury and ASIC's Financial Services and Credit Panel(FSCP).
While advice in Tier 2 products was unchanged by these reforms, being able to distinguish between product classes and the rules that apply to them is important industry knowledge.
FASEA의 설립 당시 ASIC는 일반 조언, 도매 고객에 대한 개인 조언, 일반 보험 및 예금 상품과 비현금 결제 상품에 대한 조언을 제공하는 조언자에 대한 감독을 계속했다.
2020년 12월 모리슨 정부는 FASEA를 해체하고 재무부와 ASIC의 금융 서비스 및 신용 패널(FSCP)로 역할을 분할하는 법안을 마련하겠다고 발표했다.
Tier 2 제품에 대한 조언은 이러한 개혁으로 인해 바뀌지 않았지만, 제품 클래스와 제품에 적용되는 규칙을 구별할 수 있는 것은 중요한 산업 지식입니다.
2. Self-regulatory organisaions(SROs)