FNSACC403 : Make Decisions in a Legal Context Assignment

Added on - 31 Oct 2019

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1Written Activity1. Regulatory Bodies in AustraliaAustralian Competition and Consumer Commission (ACCC): Some of the regulatory bodiesoperating in Australia include the Australian Competition and Consumer Commission (ACCC).The responsibility to administer the provisions of Competition and Consumer Act, 2010 has beenprovided to the ACCC. This legislation also incorporated the Australian Consumer Law. In thisway, it can be said that the objective of this legislation is to promote competition and along withthe similar legislative provisions that have been enforced by State and Territory legislation, topromote fair trading and to ensure the protection of the consumers. All these have become theresponsibilities of the ACCC. This legislation also deals with anti-competitive and unfair marketpractices, acquisitions and mergers by the companies, product liability and product safety as wellas the access of third party to the facilities that have been national significance.Australian Securities and Investments Commission (ASIC): The second regulatory authority thatis a part of this written activity is the Australian Securities and Investments Commission (ASIC).The ASIC can be described as the sole regulator in case of registered companies in Australia. Itis among the three bodies of the federal government that have the responsibility to regulatefinancial services. The provisions of the Corporations Act, 2001 are administered by the ASIC.This legislation provides the law that regulates the incorporated, management and operations ofthe companies in Australia. In this way, the main responsibility of the ASIC is to regulate the
2conduct of companies in Australia. At the same time, the ASIC also have the responsibility tosupport the integrity and to maintain fairness in the affairs of the company and financial markets.Reserve Bank of Australia (RBA): The reserve Bank of Australia is a statutory body thatperforms the central banking functions in Australia. RBA is wholly owned by the FederalGovernment of Australia. The two broad areas of the responsibility of the RBA can be describedas monetary policy and ensuring financial stability. The monetary policy of the RBA is basicallyaimed at maintaining inflation rates at the level that is most conducive for sustainable growth. Inthe same way, the aim of the financial stability policy is to prevent excessive risk in the financialsystem and also to limit the impact of financial disturbances, if any. While fulfilling this room,the Reserve Bank is also particularly responsible to maintain the efficiency of payment system.
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