Explain the role of the Australian Securities and Investments Commission (‘the ASIC’) and discuss the significance of this role for proper corporate governance in the twenty-first century. Introduction: ASIC was initially structured as the Australian Securities Commission (ASC), which initiated existence on 1 January 1991 as per the (then) ASC Act 1989. The motivation behind the ASC was to bind together corporate controllers around Australia by supplanting the National Organizations and Securities Commission and the Corporate Issues work places of the states and domains. The corporate controller turned into the Australian Securities & Speculations Commission (ASIC) on 1 July 1998, when it likewise got answerable for purchaser assurance in superannuation, protection, store taking. It has since picked up further obligations: in 2002 for credit, the Australian Stock Trade in 2009. In 2012, ASIC called for forces to utilize information, which other brainpower orgs have blocked. Regions of obligation: ASIC's regions of obligation include: • Corporate administration • Financial administrations • Securities and subordinates • Insurance • Consumer security • Financial education. ASIC is Australia’s corporate, markets and financial services regulator. They help Australia's financial notoriety and wellbeing by guaranteeing that Australia's money related markets are reasonable and transparent, upheld by certain and educated moguls and buyers. They are an autonomous District Government body. We are situated up under and oversee the Australian Securities and Speculations Commission Act (ASIC Act), and we complete a large portion of our work under the Enterprises Demonstration. The Australian Securities and Investme... ... middle of paper ... ...k positions with the conventional perspective (even in the information that that judgment may be toppled), will lead numerous chiefs to take the simpler alternative of attempting to oblige those diverse hobbies, and to manage those specific matters economically. There will be not many events where that will arrive the executives in 'boiling point water' however it is precisely those cases that are the ones that end up being the key cases in the court. References: http://en.wikipedia.org/wiki/Australian_Securities_and_Investments_Commission https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Summer-School-2011-report-1.pdf/$file/Summer-School-2011-report-1.pdf http://www.comlaw.gov.au/Details/C2013C00002/Html/Text#_Toc343613354 https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/corporate_governance_summit.pdf/$file/corporate_governance_summit.pdf
This essay will examine key aspects of the recent implementation of the Australian Consumer Law (ACL) 2011, which is the largest overhaul in Consumer Law in Australia in the past twenty five years. The ACL replaces 20 existing State and Territory laws into one national law , the legislation was enacted in two main parts as Schedule 2 of the renamed Trade Practices Act 1974 (Cth) (TPA) - Competition and Consumer Act 2010 (Cth) (CCA) . Aforementioned this essay it will outline the key benefits of the implementation of the act. Furthermore it will critique the Act, whilst exploring the objectives of the legislation.
Consistent accounting and financial frauds in the U.S. alerted the SEC to the imperative need for policy and corporate governance changes. The Sarbanes-Oxley Act in 2002 was enacted to encourage financial disclosures, enhance corporate responsibility, and combat fraudulent behaviour. This Act also helped create the PCAOB, which oversees the auditing practice (Stanwick & Stanwick 2009).
In recent times, the very well know Commonwealth Bank is now the second largest Australian registered establishment on the Australian Securities Exchange (ASX) as of January 2008. Also noting that the COM Bank made a Market Capitalisation of AU79.86 billion at the end of the financial year (June 2011). (1)
Macquarie Group successful international expansion began with the accumulation of specialist skills in “real asset” management and investing. This is primarily due to its location in Australia where it benefited from two simultaneous and important developments: the willingness of governments to seek more creative forms of infrastructure finance coincided with the expansion of superannuation funds and their capacity to invest in these projects.
With commercial dealings on the rise in Australia and globally, so too are the complications. If some sort of codification is not established and built from the principals that already exist, commercial opportunities could be in jeopardy due to the uncertainty and risk of not having a clear outline or set of laws to cover contracts generally.
A credit transaction is when a consumer purchases a good or service and pays in the future. The use of a credit card can be useful as it is convenient, saving time and trouble. However, due to the extensive use of credit cards in Australia, legal issues has arisen such as the inability for consumers to repay their debts, unfair contract terms and inadequate procedures of credit providers. Prior to 1996, the Credit Act 1984 (NSW) was introduced as the only piece of legislation that regulated customer credit. However, because it only offered protection for less than 20% of consumers, the Consumer Credit Code was established in 1996 under the Consumer Credit (NSW) Act 1995 (NSW). This code is a set of uniform national rules about consumer credit transactions and has been adopted by all governments throu...
...ur agencies have different organisations that oversee their work from a parliamentary, ministerial and judicial point of view.
As a federal Crown corporation, BDC is accountable for its activities to Parliament, through the Minister of Industry. A Board of Directors, consisting of a Chairperson, the President and Chief Executive Officer (CEO), and a maximum of 13 other members, guides the corporation’s activities.
In May 1997, the British Chancellor of the Exchequer made the decision to move the responsibility of supervision of financial institutions into the hands of a new regulatory authority, the Financial Services Authority (FSA). This new authority replaced the Securities and Investments Board and took over responsibility for the supervision of banks, listed money market institutions and clearing houses from the Bank of England. (Blake, 1999).
The Australian Consumer Law (ACL) was established to protect consumers in any legal trading activities in Australia. A set of guarantees has also been introduced for those consumers who are acquiring goods and services from Australian suppliers, importers or manufacturers. The guarantees are intended to ensure that consumers will receive the goods or services they have paid for. If they have problems with the products and services they bought, they are entitled for remedies, such as repair, replacement, and refund.
In order for meeting the competition from other countries and companies, it is need for the Australia to have a super regulator, who can control and co-ordinate different activities, while analysing the economic performance of the country we can able to growth, but not in high rate. Most of the companies and other agencies are considered Australia as a land of opportunities. According to the report of Australian Institute of Criminology and the Australian National University, states the country is facing serious issues such as, Illicit Money Laundering and problems in the federal system, and ineffective policies taken by the companies. One of the main reason, in which the country is not performing, it is because of the lack strong
In 1934 the Securities Exchange Act created the SEC (Securities and Exchange Commission) in response to the stock market crash of 1929 and the Great Depression of the 1930s. It was created to protect U.S. investors against malpractice in securities and financial markets. The purpose of the SEC was and still is to carry out the mandates of the Securities Act of 1933: To protect investors and maintain the integrity of the securities market by amending the current laws, creating new laws and seeing to it that those laws are enforced.
Receive from ASIC the certificate of registration – company has full legal capacity and powers of an individual: s 124. The company remains in existence until it is deregistered: s119
Securities and Exchange Board of India (SEBI) is a board (autonomous body) created by the Government of India in 1988 and given statutory form in 1992 with the SEBI Act 1992 with its head office at Mumbai. It is chaired by Mr. M. Damodaran a respected turnaround civil servant credited with turning around large public sector companies from near death scenarios including the famous Unit Trust of India. Below the Board, headed by the Chairman, the staff/officers of the organization are led by Executive Directors.
The International Accounting Standards Board, (IASB), began life as the International Accounting Standards Committee (IASC) in the 1973. The IASC was created in June 1973 as a result of an agreement by the accountancy bodies of Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States. These countries constituted the Board of IASC at that time.