Regulation of the financial sector

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Information about Regulation of the financial sector

Published on March 18, 2009

Author: mshirlaw



Year 11 economics

Regulation of Australia’s Financial System ...continued

ASIC • Stands for Australian Securities and Investment Commission • Has the power to monitor, investigate and act whenever the “integrity” of the financial system is at risk • This usually occurs if an individual acts illegally e.g. through creating unethical investment products

ASIC • Is the primary agency responsible for monitoring the conduct of companies • Also responsible for monitoring the Australian Stock Exchange

From the ASIC website: We contribute to Australia’s economic reputation and wellbeing by ensuring that Australia’s financial markets are fair and transparent, supported by confident and informed investors and consumers. We are an independent Commonwealth Government body. We are set up under and administer the Australian Securities and Investments Commission Act (ASIC Act), and we carry out most of our work under the Corporations Act. The Australian Securities and Investments Commission Act 2001 requires us to: • uphold the law uniformly, effectively and quickly • promote confident and informed participation by investors and consumers in the financial system

Some recent ASIC investigations Insurance broker pleads guilty to theft Mr Robert James Wilson of Kensington, Victoria, has pleaded guilty to two charges of theft, one charge of obtaining financial advantage by deception and one charge of obtaining property by deception in the County Court of Victoria. ASIC permanently bans former Victorian adviser We have permanently banned former Melbourne financial adviser, Mr David Lee Harwood from providing financial services. ASIC disqualifies four directors We disqualified four directors from managing corporations throughout May 2008. These disqualifications followed the directors’ involvement in failed companies. ASIC obtains court orders to stop unlicensed financial advice A Tasmanian-based company and its director have been restrained from providing financial product advice for ten years following our action. ASIC updates guidance on statutory reporting by external administrators We have released a revised version of Regulatory Guide 16 External administrators: Reporting and lodging (RG 16). Director of Australian-based Malaysian bank sentenced in County Court The former director of an Australian-based Malaysian bank has been convicted and fined $10,000 in the Melbourne County Court.

The Demand and Supply of Funds (i.e. borrowers and lenders)

Borrowers • Outline the key reasons why individuals may decide to borrow money? • Describe the ways in which the business sector can borrow funds • Why might it be necessary for the government to participate in the financial market as a borrower?

Factors affecting the demand for funds • What is meant by the term “liquidity”? • Explain the benefit of holding financial assets rather than money • Discuss the 3 main reasons why people may prefer to hold money rather than invest surplus funds in financial assets

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