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Reg and Legal Enviro

Australian Regulatory Framework FY 2022

QuestionAnswer
What is the FInance Services regulatory framework made up of? • Legislation and regulation; • International regulatory initiatives and agreements; • Industry codes of practice, standards and conventions; • Contract and common law; • Corporate governance and compliance policies and structures.
Who are the five regulators in the financial services industry • RBA; • ASIC; • APRA; • ACCC; and • AUSTRAC.
What does the RBA do? (high level) Monetary policy, stability of financial system and regulation of the payments system.
What does ASIC do? Responsible for market integrity and consumer protection.
What does APRA do? Responsible for prudential supervision of banks, building societies, life and general insurance, companies and superannuation funds.
What does the ACCC do? Responsible for promoting competition and fair trading and regulating national infrastructure.
What does AUSTRAC do? Responsible for administering the Anti Money Laundering and Counter Terrorism Financing Act.
What does the RBA do? (detailed) • Setting the cash rate for medium term inflation target; • Maintaining an efficient payments system; • Providing banking services to the govt and its agencies; • Managing Australia's gold and foreign exchange reserves.
What does the ATO do? Revenue collection agency etc..
What does FIRB do? Examine proposals from foreign interests to undertake direct investment in Australia.
What does OAIC do? Administer the Privacy Act 1988 ensuring the protection of personal information including credit information.
Can the RBA be a lender? Yes. Lender of last resort offers loans to banks and other eligible institutions that are experiencing financial difficulty and whose failure to obtain credit would dramatically affect the financial system.
What are the 5 types of payments systems? • Consumer payment methods; • New payments platform; • High Value Clearing System (HVCS); • Real-time Gross Settlement (RGTS); and • Clearing and Settlement systems.
What are examples of Consumer payment methods? ○ Cash payments ○ Non - cash payments e.g. EFTPOS ○ Cheques ○ Electronic credit transfers and direct debits ○ Payment cards e.g. credit and debit cards ○ ATMs ○ Third party bill payments e.g. BPAY
Created by: Gloria79
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