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Australian Securities And Investments Commission
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's authority and scope are determined by the ''Australian Securities and Investments Commission Act 2001''. ASIC, which reports to the Treasurer, is responsible for the administering the following legislation: * '' Australian Securities and Investments Commission Act 2001'' (ASIC Act) * '' Business Names Registration Act 2011'' * '' Corporations Act 2001'' (Corporations Act) * ''Insurance Contracts Act 1984'' * '' National Consumer Credit Protection Act 2009'' (National Credit Act) Additionally, ASIC is also responsible for administering parts of the following legislation: * '' Banking Act 1959'' * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
States And Territories Of Australia
The states and territories are federated administrative divisions in Australia, ruled by regional governments that constitute the second level of governance between the federal government and local governments. States are self-governing polities with incomplete sovereignty (having ceded some sovereign rights to federation) and have their own constitutions, legislatures, departments, and certain civil authorities (e.g. judiciary and law enforcement) that administer and deliver most public policies and programs. Territories can be autonomous and administer local policies and programs much like the states in practice, but are still constitutionally and financially subordinate to the federal government and thus have no true sovereignty. The Federation of Australia constitutionally consists of six federated states (New South Wales, Queensland, South Australia, Tasmania, Victoria, and Western Australia) and ten federal territories,Section 2B, Acts Interpretation Act 1901 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retirement Savings Accounts Act 1997
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job due to health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Securities And Investments Commission V Rich
''Australian Securities and Investments Commission v Rich'', was one of the biggest civil cases in NSW Supreme Court history, in which the Australian Securities and Investments Commission accused former executive directors of One.Tel telecommunications company, Jodee Rich and Mark Silbermann, of having failed to meet their duty of care in the months leading up to the company's collapse in May 2001. The legal process ran for almost nine years, took up 232 sitting days and generated 16,642 pages of transcripts. In November 2009, the NSW Supreme Court Justice Robert Austin comprehensively dismissed ASIC's case against the Rich and Silbermann, saying the corporate regulator had failed to prove any aspect of its pleaded case against either defendant. Facts One.Tel was a service provider of GSM mobile and long-distance calls formed by Rich (with James Packer as a shareholder) in Australia in 1995. One.Tel expanded its operations overseas in 1998 and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ASIC V Kobelt
Australian Securities and Investments Commission v Kobelt is a decision of the High Court of Australia. It was an appeal brought by ASIC against a Mr Kobelt, seeking to overturn a unanimous decision of the Full Federal Court. The court had found that while Mr Kobelt had contravened s29(1) of the ''National Consumer Credit Protection Act 2009'' (Cth) (for engaging in ' credit activity' unlicensed); he did not engage in ' unconscionable conduct in connection with financial services' in contravention with s12CB(1) of the ''ASIC Act''. Unconscionable conduct in connection with financial services. A majority of the High Court dismissed ASIC's appeal. Factual background The respondent to the appeal, Mr Kobelt, ran a general store in Mintabie, South Australia. He was found by the Federal Court to have supplied credit to customers at his store via a system referred to as a 'book-up' credit system. Most credit was supplied for the purchase of used cars. Customers were not required t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MoneySmart (website)
Moneysmart is a project of the Australian Securities & Investments Commission (ASIC) that comprises a website, publications and education programs. It provides information, online tools and access to print publications. to help people make financial decisions, presented as "simple guidance you can trust". History The Moneysmart website was officially launched on 15 March 2011, as part of the Australian Government's National Financial Literacy Strategy 2008-2010. In July 2008, the Australian Government transferred the functions of the Financial Literacy Foundation to ASIC, including managing and maintaining the Understanding Money website. Moneysmart replaced two consumer websites that were previously maintained by ASIC: Understanding Money first launched in 2006, and FIDO. FIDO was launched by ASIC in 2000 and stood for "Financial Information Delivered Online". The Moneysmart website was redesigned and relaunched on Wednesday 5 February 2020. Resources The Moneysmart website cov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Ombudsman Service (Australia)
The Financial Ombudsman Service (FOS) was a member-funded Australian ombudsman service that provided external dispute resolution for consumers who were unable to resolve complaints with member financial services organisations. the FOS had approximately 5,500 licensed member organisations that included banks, insurers, credit providers, financial advisers and planners, debt collection agencies and other businesses that provide financial products and services; together with an additional 8,000 authorised credit representatives. The Service is governed by its term of reference which allow for it to hear matters within six years of the first knowledge of a financial loss and, since January 2015, for the Service to award remedies capped at 309,000. In 2015–6, the FOS received 34,095 disputes and closed 32,871 disputes; a seven per cent increase on the number of disputes received during the previous year and a five per cent decrease on the number of disputes closed. The FOS was le ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Court Of Australia
The Federal Court of Australia is an Australian superior court of record which has jurisdiction to deal with most civil disputes governed by federal law (with the exception of family law matters), along with some summary (less serious) and indictable (more serious) criminal matters. Cases are heard at first instance by single judges. The court includes an appeal division referred to as the Full Court comprising three judges, the only avenue of appeal from which lies to the High Court of Australia. In the Australian court hierarchy, the Federal Court occupies a position equivalent to the supreme courts of each of the states and territories. In relation to the other courts in the federal stream, it is superior to the Federal Circuit and Family Court of Australia for all jurisdictions except family law. It was established in 1976 by the Federal Court of Australia Act. The Chief Justice of the Federal Court is James Allsop. Jurisdiction The Federal Court has no inherent jurisdict ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacqueline Gleeson
Jacqueline Sarah Gleeson (born 7 March 1966) is an Australian judge. She has been a Justice of the High Court of Australia since 1 March 2021, and was a judge of the Federal Court of Australia, based in Sydney, from April 2014 to February 2021. Early life and education Gleeson is the eldest of four children of former Chief Justice of Australia Murray Gleeson and Robyn Gleeson. Speaking about her upbringing, Gleeson stated that "my wellbeing and development was my mother's job and she can justly take credit for any success of mine". She was educated at Monte Sant'Angelo Mercy College and attended Sancta Sophia College, University of Sydney, where she completed a Bachelor of Arts in 1986 and a Bachelor of Laws in 1989. Career Gleeson was admitted as a lawyer in 1989, and worked as an associate to Justice Trevor Morling of the Federal Court and then as a solicitor for Bush Burke & Company. Gleeson was admitted as a barrister in 1991. In 2000, she left the Bar to work as genera ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Storm Financial
Storm Financial Limited was a financial advice company, based in Townsville, Queensland, Australia. The company was founded by Emmanuel Cassimatis and his wife Julie Cassimatis as a private company initially with the name Cassimatis Securities Pty Ltd on 23 May 1994. As part of the company's expansion outside of Townsville the company changed its name from a personality based name to ozdaq Securities Pty Ltd on 10 April 2000. This name remained intact until 1 February 2004 when it was relinquished consequent to trademark objections from the NASDAQ stock exchange in the United States. The company then traded as Storm Financial Pty Ltd from 2 February 2004 until 14 June 2007 at which time the company became an unlisted public company and continued trading as Storm Financial Ltd from 15 June 2007 in preparation for making an initial public offering (IPO) in December 2007. This IPO was subject to a Storm Financial Prospectus which was dated 14 November 2007 and lodged with the Austral ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Stock Exchange
Australian Securities Exchange Ltd or ASX, is an Australian public company that operates Australia's primary securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or confused within Australia as, The Sydney Stock Exchange, a separate entity). The ASX was formed on 1 April 1987, through incorporation under legislation of the Australian Parliament as an amalgamation of the six state securities exchanges, and merged with the Sydney Futures Exchange in 2006. Today, ASX has an average daily turnover of A$4.685 billion and a market capitalisation of around A$1.6 trillion, making it one of the world's top 20 listed exchange groups. ASX Clear is the clearing house for all shares, structured products, warrants and ASX Equity Derivatives. Overview ASX Group is a market operator, clearing house and payments system facilitator. It also oversees compliance with its operating rules, promotes standards of corporate governance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Managed Investment Scheme
An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages include an ability to: * hire professional investment managers, who may offer better returns and more adequate risk management; * benefit from economies of scale, i.e., lower transaction costs; * increase the asset diversification to reduce some unsystematic risk. It remains unclear whether professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Terminology varies with country but investment funds are often referred to as investment pools, collective investment vehicles, collective investment schemes, managed funds, or simply funds. The regulatory term is undertaking for collective investment in transferable securities, or short collective invest ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Name
A trade name, trading name, or business name, is a pseudonym used by companies that do not operate under their registered company name. The term for this type of alternative name is a "fictitious" business name. Registering the fictitious name with a relevant government body is often required. In a number of countries, the phrase "trading as" (abbreviated to t/a) is used to designate a trade name. In the United States, the phrase "doing business as" (abbreviated to DBA, dba, d.b.a., or d/b/a) is used, among others, such as assumed business name or fictitious business name. In Canada, "operating as" (abbreviated to o/a) and "trading as" are used, although "doing business as" is also sometimes used. A company typically uses a trade name to conduct business using a simpler name rather than using their formal and often lengthier name. Trade names are also used when a preferred name cannot be registered, often because it may already be registered or is too similar to a name that is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
