{"id":189,"date":"2016-08-31T09:01:00","date_gmt":"2016-08-31T09:01:00","guid":{"rendered":"http:\/\/www.makemoneytradingreviews.com\/?page_id=189"},"modified":"2020-09-21T11:36:57","modified_gmt":"2020-09-21T11:36:57","slug":"asic-registered","status":"publish","type":"page","link":"https:\/\/www.makemoneytradingreviews.com\/asic-registered\/","title":{"rendered":"Australian Securities and Investment Commission ASIC"},"content":{"rendered":"
The Forex broker companies that are under the supervision of ASIC are among the best-regulated companies. The ASIC is in charge of the securities and investment market in Australia.<\/p>\n
The protectors of the Australian financial market ensure a fair and transparent conduct of business with the support of experienced consumers and investors. They are also an independent government organisation that mostly operates under the Corporations Act passed in 2001.
\nTheir main duties include:<\/p>\n
ASIC<\/a> is monitoring Australian companies, financial markets, investment dealers and advisers, financial services agencies, insurance companies and credits. The ASIC is a strong organization with a lot of power over financial issues and the capital market. They grant security and safety to consumers and clients.<\/p>\n The ASIC provides educational resources and materials to clients giving advice on smart investment, money borrowing, risk, scams, etc. ASIC requires brokers to have the AFS licence<\/a> (Australian Financial Securities Licence) in order to be able to do legal business in Australia.
\nRegarding consumer credit, they issue licences to people and business organizations, i.e. banks, brokers, credit unions, mortgage brokers, finance companies, etc.). They assure that the licenced fulfil the criteria and abide by the law.
\nThe ASIC takes on two roles as the markets regulator and the financial services regulator.
\nThey monitor and evaluate if the financial markets comply with the law (e.g. transparency, fairness, etc.) and give proposals to the Minister to authorize new markets.
\nAs the authority on financial services, they ensure a fair, transparent and efficient business operation protecting consumers and customers. These companies mostly deal in superannuation (Australian pension fund programs), shares, securities, derivatives, insurance, etc.
\nForm 2010 ASIC\u2019s responsibilities were widened including supervision of futures market, derivatives and domestic licenced equity.
\nOn a legal basis, they have free hands to:<\/p>\n\n
Consumer Protection<\/h3>\n
\nThey also have a list of unlicensed companies and warn people publicly to stay away from them. They emphasize that a company needs to be ASIC licensed. They also call and encourage people to report any loan and credit scamming they know about. They especially warn about overseas companies which are unfortunately out of their jurisdiction and cannot be taken action against, if Australians engage in business with them.<\/p>\nASIC Registered Brokers<\/h3>\n
\nThe application for the license can be submitted online via the eLicensing System created for that purpose. After filing an application, ASIC assesses your capability to deal with financial services, your capital and financial assets, and capability to fulfil the requirements of the AFS license (dispute resolution, legal compliance, training and more).
\nThe AFC requirements include sufficient cash, responsible and adequately qualified managers and key staff, training and supervision of representatives, risk management, adequate and sufficient human and technological resources, conflicts of interest management, compensation arrangements and dispute resolution. All of these criteria must be met prior and after getting ASIC and AFC approved.<\/p>\nHonest Forex Brokers<\/h3>\n