Regulatory and Legal Frameworks impacting MNCs in Australia

Toronto Dominion Bank
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Table of Contents
Executive Summary...................................................................................................................3
Toronto Dominion Bank............................................................................................................4
Regulatory and Legal Frameworks impacting MNCs in Australia............................................4
Regulatory bodies...................................................................................................................4
Legal Framework....................................................................................................................5
Bank License..........................................................................................................................5
Business taxation of MNCs in Australia................................................................................6
Recent Laws that have an impact on the MNCs in Australia.................................................7
Treaties, Conventions or Agreements........................................................................................8
References................................................................................................................................12
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Executive Summary
The main aim of this report is to discuss about the legislative as well as regulatory framework
of Australia, impacting the operations of multinational corporations (MNCs) in the country.
The MNC that has been selected to serve the objective of the report is Toronto Dominion
Bank, which is headquartered at Toronto, Canada and is taking its operations on Australian
ground. The report has discussed about the regulations and legislations related to the financial
industry in Australia especially with respect to foreign companies. Apart from this, some
international treaties and conventions that have an impact on international business have also
been discussed in the end.
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Toronto Dominion Bank
Toronto Dominion Bank is the second largest bank of Canada in terms of assets. This
multinational organization is undertaking its business in many counties apart from Canada.
The bank is headquartered at Toronto (Toronto Dominion , 2019).The organization was
incorporated in 1955 but, it established its business in Australia in the year 1970 under the
subsidiary name as Toronto Dominion Australia Limited based in Sydney (Bloomberg,
2019).The organization falls under the financial services industry and hence, aims to boost
the banking services in Australia as well as in other countries. At international level, the
organization employs nearly 85000 employees (Statista, 2019).The financial services industry
of the country is very sophisticated and well settled. Few major reasons behind this is the
high qualified workforce, better communication services, advanced business infrastructure as
well as the supportive business environment. Due to these reasons the country is a major
centre for capital market across the globe (ATIC, 2019).
Regulatory and Legal Frameworks impacting MNCs in Australia
Australia serves as a strategic position to multinational organizations (MNCs) in order to
target the Asia Pacific region. This is one of the main reasons that MNCs are attracted
towards Australia (PWC, 2014).
Regulatory bodies
ASIC: Australian Securities and Investments Commission (ASIC), acts as a supervisor to the
trading activities taking place in the Australian market. ASIC enforces laws against the
misconduct in the Australian financial market, apart from this; the body is also responsible
for supervising the Australian Financial Service License (AFSL). ASIC is a member of the
Council of Financial Regulators (CFR).
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