Australian Securities and Investments Commission(ASIC)

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Definition: Australian Securities and Investments Commission(ASIC)

The ASIC is an independent Government body which was set up by the Australian Securities and Investments Commission Act (ASIC ACT). It comes under the jurisdiction of the Commonwealth.

It basically acts as a corporate regulator and regulates financial services laws in financial markets, financial services organizations to protect consumer, investor and creditors. Professionals who are involved in advisory roles in insurance and other financial services domain like superannuation, investment come under the preview of ASIC regulations.

The ASIC Act requires the ASIC to:

1. Maintain, facilitate and improve the financial system's performance

2. Promote confident and informed investor participation

3. Administer and enforce the law effectively and efficiently

4. Process and store information efficiently and quickly

5. Make information regarding companies and other bodies public in a timely manner



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