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The FOS did not respond in substance. ASIC did not respond to the questions and, since the filing, other senators called for the FOS to explain the circumstances. ASIC appeared before the Joint Committee on Corporations and Financial Services on 16 March 2015, where it stated that the Court dealt with the issue of the misleading file notes. [6]
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.
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 ]
Australian Securities and Investments Commission v Rich [1] was one of the biggest civil cases in NSW Supreme Court history, in which the Australian Securities and Investments Commission accused former executive directors of One.Tel telecommunications company, Jodee Rich and Mark Silbermann, of having failed to meet their duty of care in the months leading up to the company's collapse in May 2001.
The Corporations Act 2001 sets up a uniform approach to the regulation of financial services through a uniform licensing and disclosure regime. The general regulatory position is that a person (whether an individual or corporate entity) carrying on a financial services business in Australia must, unless exempted, hold an Australian financial services licence (AFSL) issued by ASIC.
The Australian Government announced on 9 May 2017 that AFCA would be established in response to the review of external dispute resolution and complaints arrangements in the financial system. [ 8 ] [ 2 ]
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