Legislative Regulatory Framework Applicable on Bank of America Corp

Business Law
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Table of Contents
Introduction......................................................................................................................................3
Legislative regulatory framework applicable on Bank of America Corp........................................3
Authorized structure for banking regulations..............................................................................4
Treaties, conventions or agreements that have impacted on the products or services of banking
corporations.....................................................................................................................................7
References......................................................................................................................................11
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EXECUTIVE SUMMARY
The present study is related with the evaluation of financial institution named Bank of America
Corp. The company is engaged in managing the wealth, investment, and consumer banking
services throughout the world. For the protection of the consumers, it is essential that Banking
Corporations must comply with the relevant rules and regulations. With this aspect, the present
study states the legislative regulatory framework of Australia. It shows that government made
various rules for governing the banking organizations of Australia. Further, this study explains
about the treaties, conventions, and agreements that made the impact on the financial industry of
country. It depicts that financial market of the country has expanded with the increasing
governance of the treaties and agreement between the countries.
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INTRODUCTION
Bank of America Corporation throughout its Subsidiaries Company offers financial and banking
products as well as administration services in the whole world to their customers including
business investors, small and middle –market companies, huge companies. Operations that are
performed by the company are wealth and investment planning in the worldwide market in terms
of consumer banking as well as global banking. The numbers of employee that are employed in
the banks are around 46,000 employees. Global Headquarter of the company is situated in
Melbourne. As per the survey of 2016, the total assets that are within the company are of
US$726 billion and recorded total income was US$4,106 million. Local branches of Bank of
America, in Australia, are (Sydney NSW 2000Mlc Center Sydney NSW 2000, Australia), (Ba
Securities Australia LtdGovernor Phillip Tower Sydney NSW 2000, Australia) and (Head
OfficeMlc Centre Sydney 2000, Australia).
LEGISLATIVE REGULATORY FRAMEWORK APPLICABLE ON BANK
OF AMERICA CORP
In Australia, it is mandatory for the entities to take permission from the Australian Prudential
Regulatory Authority for conducting the banking business. The authority may grant permission,
based on some conditions. Any foreign branch, which is permitted for accepting any authorized
deposit-taking organizations, cannot accept funds or initial deposits less than AU $25000 from
the individual as well as non-corporate organizations. However, from the non-resident,
incorporated entities, and their worker, foreign branches can accept initial deposit and funds of
any amount (Howell, 2015). Generally, the foreign bank does not require permission for a
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