ASIC introduction


(English abbreviation for Australian Securities and Investment Commission)

ASIC is the English abbreviation of Application Specific Integrated Circuit. ASIC is also the English abbreviation of Australian Security and Investment Commissions, namely the Australian Securities and Investment Commission, which is the statutory regulator of Australian financial services and markets.

The Australian Securities and Investment Commission (ASIC) was established in 2001 under the Australian Securities and Investment Commission Act (ASIC Act). The agency is an independent government department, and independently exercises regulatory functions for companies, investment activities, financial products and services in accordance with the law. The Australian Securities and Investment Commission is the regulator of the Australian banking, securities and foreign exchange retail industries. With the promulgation of the Securities and Investment Commission Act of Australia in 2001, ASIC has brought the retail foreign exchange trading market into the scope of daily supervision, together with banking, securities, insurance and other financial industries, and has become an important part of Australia's national financial system.

Regulatory requirements

1. Application for AFS Licence and permission to designate business authority

2. PI Insurance for Customers

3. Shareholders and management of the company, as well as the required licensed representatives, shall be filed in accordance with ASIC regulations.

4. Set up a complete set of customer complaint solutions and join FOS dispute resolution agencies

5. Customer funds exclusive accounts shall be opened at designated banks in accordance with regulatory requirements and separated from the company's own funds for management.

6. Regular submission of company operating financial reports, regular accounting audits and submission of ASIC records

7. Regular submission of customer transaction reports and submission of ASIC records

In addition, ASIC has established a set of supervision and management mechanism for the foreign exchange market. Where any customer complains about participants in the foreign exchange market, ASIC requires the respondents to participate in dispute resolution according to the process, and to compensate the traders for acts that damage the interests of customers. If the regulated enterprises violate the regulations, they will be severely punished or prosecuted by ASIC, and even revoke the financial service license and general operating license.