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The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. [ 2 ]
An Australian Company Number (usually shortened to ACN) is a unique identifier required by every company registered under Australia’s Corporations Act 2001 (Cth). The ACN is a nine-digit number issued by the Australian Securities & Investments Commission (ASIC) to every Australian company. The number is usually printed in three groups of ...
For banks and similar reporting entities, identification requirements are determined by a risk-based approach, which may differ for each reporting entity. It's an offence to open or operate an account with a reporting entity under an alias or false name, punishable by a fine or up to 2 years imprisonment.
ASIC imposes legal requirements addressing each specific obligation to ensure licensees adhere to them such as financial requirements including solvency, net assets and audit requirements to ensure maintenance of sufficient financial resources to undertake daily financial services and to ultimately conduct activities in an ethical manner. [23]
Regulatory Guide 146 (RG 146) on Training of financial product advisers, formerly known as policy statement 146 (PS 146) is an Australian financial regulation issued by the Australian Securities & Investments Commission (ASIC) related to the minimum training required by individuals selling financial products. [1]
On 1 January 2001, Tony D'Aloisio was awarded the Centenary Medal for "service to Australian society through law and taxation". [11] On 11 June 2012, he was named a Member of the Order of Australia for "service to business and commerce, particularly through leadership roles in the securities and investments regulatory sector, to Australia-Asia relations, and to charitable organisations."
a director, executive officer, or general partner of the company selling the securities; a business in which all the equity owners are accredited investors; a natural person who has individual net worth, or joint net worth with the person's spouse, that exceeds $1 million at the time of the purchase, or has assets under management of $1 million ...
The Corporations and Financial Services Commission was renamed and its role expanded as the Australian Securities and Investments Commission (ASIC) to deal with market integrity, consumer protection and corporations. APRA was established on 1 July 1998 under the Australian Prudential Regulation Authority Act 1998.