SITXGLC001 Research and comply with regulatory requirements

SITXGL C001
Research and comply
with regulatory
requirements

Table of Contents
UNIT ASSESSMENT 1 .................................................................................................................3
UNIT KNOWLEDGE ASSESSMENT (UKA)..............................................................................3
PART 1............................................................................................................................................8
TASK 1.......................................................................................................................................8
TASK 2.......................................................................................................................................9
Part 2..............................................................................................................................................11
Task 1 [2.1, 2.2] .......................................................................................................................11
Task 2........................................................................................................................................14
Part 3..............................................................................................................................................14
Task 1 Compliance Monitoring Checklist...............................................................................14
TASK 3.....................................................................................................................................15
TASK 4.....................................................................................................................................16
References:.....................................................................................................................................17

UNIT ASSESSMENT 1
UNIT KNOWLEDGE ASSESSMENT (UKA)
QUESTION 1 Name 4 sources of information you may use in order to research legal
information in your industry.
Four sources of information that helps in making research regarding legal information for the
industry are as follows-
 Internet / Online
 News/ Publishing/ Media
 Lawyer/ Attorney/ legal experts
 Regulatory agency/ Regulatory authorities
QUESTION 2 Name a website (for your state or territory) where you can get information
for small business owners and operators, particularly for legal compliance issues.
Australian Securities and Investments Commission(ASIC)
QUESTION 3 Name 2 types of licences a business may require in TH&E industry.
 Copyright licence
 Liquor licence
QUESTION 4 Contracts formalise the agreement between two parties. They are binding
legal documents. List 6 types of contracts that you may need to enter into as part of
running a business.
Written contracts.
Verbal contracts.
Part verbal, part written contracts.
Standard form contracts.
Period contracts.
Getting contract advice.
QUESTION 5 What are 3 consequences of businesses not complying with legislation and
regulatory compliance?
The three major effects faced by the organization for not adhering with the laws are as follows-

 Penalties and fine: if any business corporation fails to comply with the norms and rules
set by the government then they would be liable to pay the penalties or fines in various
forms such as monetary fines, limitations on business operations, etc.
 Reputational damage: it might cost harm to the goodwill and the brand image of the
company. As, not following the laws would directly affects to the functioning of the
management of the business. For instance, if a industry is involved in hiring child labour
for accomplishing their factory work.
 Imprisonment- In case of any illegal or wrongful acts done under the name of the
company, the law can penalise the chairman of the company with imprisonment.
QUESTION 6 What are the penalties for failing to comply with the Travel Agents Acts?
(20 – 30 words)
According to section 12 of Travel Agents Act 1988 of Queensland, 1000 penalty units are being
charged if a person do not possess licence to carry out the business of travel agent and Section 6
of Travel Agents Act 1986 of NSW legislation, 500 units are the penalty charges for the same
act.
QUESTION 7 What are the penalties for Australians who commit child sex offences while
overseas? (20 – 30 words)
If any one commits such offence overseas, AFP(Australian Federal Police) can prosecute that
person in Australia. If a child is younger than 16 years of age, the imprisonment is given up to 25
years along with fine of $500,000.
QUESTION 8 List 5 issues in your industry that you may need to seek specialist legal
advice about.
There are numerous reasons for which the industry need a legal advice regarding the formation
and further business activities, they are as follows:
 In order to enforce the policies of the business.
 In order to make a review and analyse the formulation of the rules and regulations on
regular intervals.
 To navigate the appropriate constitution of business.
 For preventing intellectual property misuse.