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What products does each national financial services authority regulate?

 

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What products does each national financial services authority regulate?

The Australian Securities and Investments Commission (ASIC) is the national financial services authority responsible for regulating financial products in Australia. ASIC’s regulatory framework covers a wide range of financial products, including securities, managed investment products, derivatives, general and life insurance, superannuation, margin lending, carbon units, deposit accounts and non-cash payment facilities. Securities are financial instruments, such as stocks and bonds, that represent a form of ownership in a company or other asset. ASIC regulates the issuance, trading, and settlement of securities in Australia, as well as the disclosure of information and risks associated with securities. ASIC also regulates the activities of stockbrokers, financial advisers, and other intermediaries who provide advice or services related to securities. Managed investment products are investment vehicles such as mutual funds and exchange traded funds (ETFs) that are professionally managed to achieve a specific investment objective. ASIC regulates the activities of managed investment product providers, including the disclosure of information and risks associated with these products. Derivatives are financial instruments that derive their value from an underlying asset. ASIC regulates the activities of derivatives market participants, including the disclosure of information and risks associated with derivatives. General and life insurance are insurance products that provide protection against a range of risks. ASIC regulates the activities of insurance providers, including the disclosure of information and risks associated with insurance products. Superannuation is a retirement savings product that is managed by a trustee. ASIC regulates the activities of superannuation trustees, including the disclosure of information and risks associated with superannuation products. Margin lending is a form of borrowing in which an investor borrows money to purchase securities. ASIC regulates the activities of margin lenders, including the disclosure of information and risks associated with margin lending. Carbon units are a type of financial instrument that can be used to offset carbon emissions. ASIC regulates the activities of carbon unit providers, including the disclosure of information and risks associated with carbon units. Deposit accounts are savings accounts that are held by a financial institution. ASIC regulates the activities of deposit account providers, including the disclosure of information and risks associated with deposit accounts. Non-cash payment facilities are payment systems, such as debit and credit cards, that allow consumers to make payments without using cash. ASIC regulates the activities of non-cash payment providers, including the disclosure of information and risks associated with non-cash payment facilities. The Australian Prudential Regulation Authority (APRA) is the national financial services authority responsible for regulating the banking, insurance, and superannuation industries in Australia. APRA’s focus is on industry segments, rather than specific financial products. Banking products are financial services that are offered by banks. APRA regulates the activities of banks, including the disclosure of information and risks associated with banking products. Insurance products are financial services that are offered by insurance companies. APRA regulates the activities of insurance companies, including the disclosure of information and risks associated with insurance products. Superannuation products are retirement savings products that are managed by a trustee. APRA regulates the activities of superannuation trustees, including the disclosure of information and risks associated with superannuation products. The Reserve Bank of Australia (RBA) is the national financial services authority responsible for managing Australia’s monetary policy. The RBA’s focus is on Australia’s monetary policy, rather than specific financial products. The RBA regulates the activities of financial institutions, including the disclosure of information and risks associated with the Australian financial system. The RBA also sets the official cash rate, which is used to determine the cost of borrowing for consumers and businesses. .



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