ASIC
ASIC (Australian Securities and Investments Commission) is Australia’s corporate, markets and financial services regulator. They are an independent Commonwealth Government body which is set up under and administer the Australian Securities and Investments Commission Act (ASIC Act), and they carry out most of their work under the Corporations Act.
ASIC regulate Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit. As the corporate regulator, they are responsible for ensuring that company directors and officers carry out their duties honestly, diligently and in the best interests of their company. As the markets regulator, they assess how effectively authorised financial markets are complying with their legal obligations to operate fair, orderly and transparent markets. They also advise the Minister about authorising new markets.
As the financial services regulator, they license and monitor financial services businesses to ensure that they operate efficiently, honestly and fairly. These businesses typically deal in superannuation,managed funds, shares and company securities,derivatives, and insurance.
At the time of writing Mortgage Brokers are currently regulated by each state but ASIC will be assuming control of the Licensing at the end of 2009 and Mortgage Brokers will require an ASIC license.
