Zagga Market Case Study

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1. Interaction and relationship with the NCCP Act
In terms of Zagga Market’s general conduct obligations under its ACL, the National Consumer Credit Protection Act 2009 (Cth) (NCCP Act) states that:

• It must have adequate arrangements and systems to ensure compliance with all of its obligations, and a written plan that documents those arrangements and systems (section 47(1)(k)). (The written plan is Zagga’s ACL and AFSL Compliance Plan, including Risk Management Frameworks [link] (ACL and AFSL Compliance Plan).)
• It must have available adequate technological resources to engage in the credit activities authorised by the licence and have adequate risk management systems (section 47(1)(l)).

In accordance with Regulatory Guide 205: Credit licensing: General conduct obligations (RG205), whether Zagga Market’s technological resources are adequate will …show more content…

(RG 205.110)

Our ACL and AFSL Compliance Plan, aided by this Information Security Policy, ensures that Zagga Market complies with its general conduct obligations relating to technological resources and the management of the risks related to them.

Adequacy of technological resources

Zagga Market is required to regularly review the adequacy of its technological resources. In the review, it will follow the guidance in RG 205, as set out in Annexure A.

2. Interaction and relationship with the Corporations Act
In terms of Zagga Investments’ general conduct obligations under its AFSL, the Corporations Act 2001 (Cth) (Corporations Act) states that:

• It must have (among other things) adequate technological resources to provide the financial services covered by its licence and to carry out supervisory arrangements (s912A(1)(d)).
• It must establish and maintain adequate risk management systems (s912A(1)(h)). (This is covered by Zagga’s ACL and AFSL Compliance

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