ntroduction to ASIC Financial Regulatory License in Australia

ASIC is the abbreviation of Application Specific Integrated Circuit, ASIC is also the abbreviation of Australian Securities and Investment Commission, The Australian Securities and Investments Commission is the statutory regulator of financial services and markets in Australia.

The Australian Securities and Investments Commission (ASIC) was established in 2001 under Australia's Securities and Investments Commission Act (ASIC Act). The agency is an independent government agency and exercises independent regulatory functions over companies, investment practices, financial products and services by law. The Australian Securities and Investments Commission (ASIC) is the regulator of Australia's banking, securities and foreign exchange retail industries. With the introduction of the Australian Securities and Investment Commission Act in 2001, ASIC has since incorporated the retail foreign exchange trading market into the scope of daily supervision, and has become an important part of the Australian national financial system with the supervision of banking, securities, insurance and other financial industries.

ASIC Financial Regulatory License requirements

1, must apply for the AFS license, and be granted the specified business rights

2. PI Insurance is required for clients.

3, the company's shareholders and management and the required licensed representatives are required to file in accordance with ASIC regulations

4, must establish a complete set of customer complaint solution, join the FOS dispute resolution agency

5. Exclusive accounts of customer funds shall be opened in designated banks according to regulatory requirements, which shall be managed separately from the company's own funds

6. Regularly submit the company's operating financial reports, conduct regular accounting audits, and submit to ASIC for filing

7. Regularly submit customer trading reports and submit ASIC records

Jurisdiction of ASIC Licence in Australia:

As a government department in Australia, the Australian Securities and Investments Commission (ASIC) has a wide range of jurisdiction. It is mainly divided into three parts:

1. As the consumer credit regulator, the Australian Securities and Investments Commission (ASIC) authorises businesses to engage in consumer credit activities (including banks, credit unions, financial institutions, etc.) and ensures the validity of licences under relevant regulations, including consumer liability.

2. As the market regulator, the Australian Securities and Investments Commission (ASIC) assesses how effectively financial markets are empowered and how they operate in a fair, orderly and transparent manner in accordance with their statutory obligations.

3. As the financial services regulator, the Australian Securities and Investments Commission (ASIC) licenses and monitors financial services businesses to ensure that they operate efficiently, honestly and fairly.

The power of ASIC in financial markets

● Register companies and manage investment plans.

Australian Financial Services Licence and Australian Credit Licence granted.

● Register for audit and liquidation.

● Grant relief from the reserves of various pieces of legislation administered by ASIC.

Maintain and manage publicly accessible information about companies, licensed financial services and credit licensee.

● Establish rules to ensure the integrity of financial markets.

● It is prohibited to issue financial products under defective disclosure documents.

• Require people suspected of violating the Investigation Act to publish books or answer test questions.

● Issue infringement notices to individuals or groups suspected of violating relevant laws.