Business Law Assignment: ASIC Regulations & Banking Royal Commission

This assignment delves into key aspects of Australian Business Law, focusing on company registration processes under the Corporations Act 2001 and the significant Banking Royal Commission. It outlines the requirements for registering a company with the Australian Securities & Investments Commission (ASIC), including specific regulations for No Liability companies. The assignment further explores the Royal Commission, its powers of investigation, its establishment in 2017 to inquire into misconduct within the banking and financial services industry, and the key figures involved such as Commissioner Kenneth Madison Hayne. It also highlights the terms of reference for the inquiry and the reporting deadlines. Desklib provides this assignment as a resource for students studying business law, offering a comprehensive overview and potential solutions related to these topics.

Business Law Assignment

Table of Contents
Part 1................................................................................................................................................3
Part 2................................................................................................................................................3
Answer 1......................................................................................................................................3
Answer 2......................................................................................................................................4
Answer 3......................................................................................................................................4
Answer 4......................................................................................................................................4
Answer 5......................................................................................................................................4
Answer 6......................................................................................................................................4
Answer 7......................................................................................................................................5
Answer 8......................................................................................................................................5
References........................................................................................................................................5

Part 1
For registering a company in Australia, the applicant must lodge an application with Australian
Securities & Investments Commission (ASIC) as per the section 117 of the Corporations Act
2001. ASIC will give the company ACN, ABN or ARBN no and the process of registration
depends on the type of company. As per Section 112 (1) of the Act No liability company can be
registered under ASIC. Under Section 112 (2) of the Act, a company can be registered as a no
liability company if;
 it has a share capital
 it’s one and only objects are the mining purposes
 it’s constitution allows no contractual right
As per the Section 147, the name is available unless it is identical or unacceptable. The minister
may give written consent of the availability of the name. As per the Section 148, the company
may use the available name or the expression ACN (Australian company number) and a no
liability company must have No Liabilities at the end of its name. As per Section 149 approved
abbreviation like NL (no liability) can be used. As per section 201 (A), the company must have
minimum one director and he must reside in Australia and as per section 204 (A), Public
company can have at least one secretary who is above 18 years of age and one of them must
reside in Australia (Attorney-General’s Department, 2002).
Part 2
Answer 1
Royal Commission also known as commission of inquiry is held in Australia at a federal level
since the year 1902. Royal Commission is appointed by the Governor-General and operates

under the Royal Commission Act 1902. It was passed by the Parliament of Australia in the year
1902 (Parliament of Australia, 2018).
Answer 2
The Royal Commission has great powers to investigate and make inquiries in accordance and
approved by Governor General. It can collect evidence from various sources, conduct formal
hearings and give information of a suspected crime to law enforcement authorities. It has broad
coercive powers and for its investigation it can summon witnesses and if a person fails to comply
with the summons, the Royal Commission can fine or even imprison him.
Answer 3
The correct name of the banking Royal Commission for inquiring in to banks and financial
companies is known as “Banking Royal Commission and the Hayne Royal Commission”
Answer 4
The Banking Royal Commission was established in 2017 to inquire into the misconduct,
fraudulent practices of banks and report about the superannuation and financial service industry.
Answer 5
Turnbull and his Treasurer, Scott Morrison announced the Banking Royal Commission on 30
November 2017. It was established by His Excellency General the Honorable Sir Peter Cosgrove
AK MC (Retd)
Answer 6
The Honorable Justice - Kenneth Madison Hayne AC QC is the commissioner of the Banking
Royal Commission (Parliament of Australia, 2018)

Answer 7
The Commissioner, the ‘Honorable Kenneth Madison Hayne AC QC’ has to submit an interim
report by 30 September 2018 and has to give the final report by 1st February 2019 (Royal
Commission, 2018).
Answer 8
The terms of reference for the inquiry in there in the Letters Patent which appoints the Royal
Commission to make investigation and authorize it to inquire any kind of fraud, misconduct,
behavior, malpractices, superannuation, and financial service industry. The list of terms of
reference is available on the website [e-mail] (Royal
Commission , 2018).
References
Attorney-General’s Department, 2002. Corporations Act 2001. Canberra: Office of Legislative
Drafting and Publishing.
Parliament of Australia, 2018. Royal Commissions and Commissions of Inquiry. [Online]
Available at: https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/
Parliamentary_Library/Browse_by_Topic/law/royalcommissions [Accessed 12 September
2018].
Royal Commission , 2018. Royal Commission - Terms of Reference. [Online] Available at:
https://financialservices.royalcommission.gov.au/Pages/Terms-of-reference.aspx [Accessed 13
September 2018].
Royal Commission, 2018. Royal Commission into Misconduct in the Banking, Superannuation
and Financial Services Industry. [Online] Available at:
https://financialservices.royalcommission.gov.au/Pages/default.aspx [Accessed 13 September
2018].