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What activities does each national financial services authority regulate?

 

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What activities does each national financial services authority regulate?

The Australian Securities and Investments Commission (ASIC) is the national financial services authority responsible for the regulation of the financial services industry in Australia. ASIC regulates the conduct of companies, financial markets, financial services providers and professionals who deal and advise in investments, superannuation, insurance, non-cash payments, deposit taking, credit products and crowd-sourced funding services. ASIC’s primary role is to ensure that the financial services industry operates efficiently, honestly and fairly. ASIC is responsible for licensing and monitoring financial services providers, assessing how effectively authorised financial market operators are complying with their legal obligations to operate fair and transparent markets, and supervising and enforcing disclosure requirements to retail investors for companies issuing and selling financial products. ASIC also has general administration over company fundraising through the issue or sale of financial products in Australia. The Australian Prudential Regulation Authority (APRA) is the national financial services authority responsible for the regulation of the banking, insurance and superannuation industries in Australia. APRA is responsible for licensing and regulating authorised deposit-taking institutions (ADIs) such as banks, building societies and credit unions, general insurers, life insurers, friendly societies, reinsurance companies and superannuation funds (other than self-managed funds). APRA’s primary role is to promote financial stability in Australia. APRA is responsible for licensing and regulating entities engaging in consumer credit activities, assessing the prudential soundness of banks and other ADIs, and monitoring the activities of the banking, insurance and superannuation industries. APRA also has responsibility for the regulation of the superannuation industry, including the licensing and supervision of superannuation trustees and the monitoring of superannuation funds. The Reserve Bank of Australia (RBA) is the national financial services authority responsible for the conduct of Australia’s monetary policy, the issuance of its currency, and the promotion of the safety and efficiency of the payments system. While the RBA does not supervise the prudential soundness of banks or other ADIs, it does have a role in maintaining the stability of the financial system as a whole. The RBA is responsible for setting the official cash rate, conducting open market operations, and issuing currency. The RBA also has responsibility for the oversight and regulation of the payments system, including the supervision of the clearing and settlement of payments and the oversight of payment system operators. The RBA also has responsibility for the promotion of the safety and efficiency of the payments system, including the monitoring of new payment technologies and the promotion of competition in the payments system. .



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