ASIC regulatory organization
ASIC (Australian Securities and Investments Commission) is the Australian securities Commission and investment, which is the only in Australia, state financial controller, exercising control over all financial market participants, including companies and individuals. ASIC Appeared in 1998, but at that time in Australia there were several Supervisory bodies for each financial segment, which was the reason for the confusion among the duties and powers of financial regulators. It was therefore decided on the establishment of a single Supervisory public authority, which became ASIC. First, he defended the interests of the consumers of pension funds, investment and insurance companies, since 2002, added banks since 2009 under the control of the ASIC hit the Australian stock market, and in 2010 he was assigned to work with the FX dealers and brokerage companies. For 2015 under the supervision of the Australian Commission was already more than 500 companies and the regulator employs over 2 000 employees. To date, no financial company may not exercise its activity on the territory of Australia without a license ASIC, and to her is not easy.
For obtaining a license ASIC broker should:
- fill in the application form;
- to provide the required documents specified on the website of the regulator, including certificates of training, proof of qualifications and sufficient professional experience;
- to have share capital at least 50 000 Australian dollars for ECN brokers and 1 million Australian dollars to the market makers;
- to pay a membership fee of 1 500 to 8 000 AUD.
The procedure for obtaining a license takes about a month. During this time conducted a thorough audit of broker to verify its solvency. If not revealed anything suspicious, then he will get a license to carry out its deoperations. License ASIC regarded very highly in the financial markets due to the complexity of its receipt and a large responsibility upon detection of fraudulent actions, but still inferior to such regulators as FCA or CySEC.
In addition to the complicated procedures of obtaining a license, the Australian Commission ASIC also has broad powers:
- conducts regular unannounced inspections, and audit the financial condition of the broker;
- identifies transactions with the use of insider information and fraudulent transactions on financial markets;
- actively collaborates with clients of brokerage companies to identify violations;
- may conduct its own investigation, and also attract fraudsters to administrative responsibility, to refer cases to the court;
- applies to companies penalties;
- cooperating with the Australian Federal police.
Thus, the ASIC is the average regulatory organization, which on the one hand copes with its functions to protect the clients of brokerage firms, but on the other hand all the actions of the regulator are mainly focused on fraud detection and control of banking operations. So, ASIC, known as the most strict regulator, it imposes huge fines, but does not compensate for the loss suffered in trading and investing.
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