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Reg and Legal Enviro
Australian Regulatory Framework FY 2022
| Question | Answer |
|---|---|
| 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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