Importance of Compliance in Australian Financial Service Industry

Business law assignment

TABLE OF CONTENTS
Importance of the current knowledge about the Australian financial service industry...............3
Significance of the professional bodies for the compliance requirement....................................3
Compliance with the changing requirement of the industry........................................................3
Disclosure statement....................................................................................................................4
Caveat claim................................................................................................................................4
Contract for sale of the land.........................................................................................................5
Registration of the property under the transfer of land act by the estate of the promisor...........5
Applicability of the law...............................................................................................................6
Commercial software packages...................................................................................................6
Respond to Beyoncet...................................................................................................................6
Nomination form.........................................................................................................................7
References........................................................................................................................................8

Importance of the current knowledge about the Australian financial service industry
It is very important to possess the knowledge regarding the current rules and regulations which
are applicable to the financial industry of Australia. The government of Australia through the
Australian Securities and investment commission and the Australian Prudential Regulatory
Authority conducts the financial service industry in the country. For the benefit and the growth
of the people, the government makes the changes in the legislation (Walters, and Bolger, 2018).
Therefore it is very important to have the current information about the laws, rules and regulation
so that the compliance requirement can be fulfilled in a better manner. The three sources by
which financial industry can maintain the current information is that the reports published by the
government, industrial report or by the online articles on the social media. Since, as any changes
in the law published by the government in its report, by which the organization can understand
the changes made in the law (IBIS world, ). Further, various experts give their view on the
changes in law and their applicability with the industry, which also assist in compliance with the
latest rules by the organization. Moreover various companies are also engaged in providing the
latest information regarding the current changes in the conveyancing industries, by the
organization can also maintain the up to date knowledge.
The significance of the professional bodies for the compliance requirement
The professional organization association maintains the high knowledge regarding the rules and
the requirement of the existing law with their high professional skills. Further, they also assist for
enhancing the knowledge of the workers of the company, so that every member of the company
can follow the better compliance of the law (Nerland, and Karseth, 2015). By the professional
organization association, the manager can ensure about compliance with rules and regulations
which are applicable to the company. Apart from this through the professional organization
company can also manage the risk, enhance the reputation and avoid legal liability (Nagarajan,
and Edwards, 2015). Professional association has the proper knowledge about the laws
regulating the conveyancing industries such as property law act, sale of land act and so on.
Therefore by engaging the professional association in the organization responsibilities, legal and
tangible rights, liabilities of the organization can be determined.
By the comparison with the report of the government or the report of the industry, a comparison
can be done in against of the compliance of the latest changes in the law. Along with this