The financial services industry in Australia is subject to a range of legislation. Some of the relevant acts are as given below.
1. Corporations Act 2001: This Act imposes a single licensing regime for financial sales, advice and dealings in relation to financial products, consistent and comparable financial product disclosure, and a single authorisation procedure for financial exchanges and clearing and settlement facilities.
2. Australian Securities and Investment Commission Act 2001: This Act establishes the Australian Securities and Investment Commission (ASIC) and sets out its functions, powers and responsibilities.
3. Financial Sector (Collection of Data) Act 2001: This Act requires financial sector entities to provide certain information to the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA).
4. Financial Sector (Shareholdings) Act 1998: This Act regulates the shareholdings of financial sector entities and sets out the requirements for the approval of certain transactions.
5. Financial Services Reform Act 2001: This Act establishes a single licensing regime for financial services and sets out the conditions for the registration of financial services providers.
6. National Consumer Credit Protection Act 2009: This Act establishes a national framework for the regulation of consumer credit and sets out the requirements for the licensing of credit providers.
7. Payment Systems (Regulation) Act 1998: This Act regulates the operation of payment systems in Australia and sets out the requirements for the approval of certain transactions.
8. Privacy Act 1988: This Act regulates the handling of personal information by organisations, including financial services providers.
9. Superannuation Industry (Supervision) Act 1993: This Act sets out the requirements for the registration of superannuation funds and the licensing of trustees and other service providers.
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