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Regulation in Binary Options: ASIC

ASIC

ASIC is Australia’s financial services regulatory body. It regulates all financial trading, money management, and other finance related activities in Australia. Specifically, they regulate forex and binary options brokerages as well. Other industries under the auspices of ASIC include superannuation,managed funds, shares and company securities,derivatives, and insurance.

ASIC, is the abbreviation for Australian Securities & Investments commission and they license and monitor financial services businesses to ensure that the licensed businesses operate with integrity and transparency.ASIC is an independent Commonwealth Government body, set up under and administered by the Australian Securities and Investments Commission Act (ASIC Act). ASIC acts as the operating body under the Corporations Act.

What does ASIC do?

The Australian Securities and Investments Commission Act 2001 requires ASIC to:

Who is Covered by ASIC?

As the consumer credit regulator, ASIC licenses and regulates individuals and businesses engaging in consumer credit activities (including banks, credit unions, finance companies, and mortgage and finance brokers). ASIC ensure that licensees like Tradesmarter meet their stringent regulatory standards– including their responsibilities to consumers – that are set out in the National Consumer Credit Protection Act 2009.

As the markets regulator, ASIC assess how effectively authorized financial markets are complying with their legal obligations to operate fair, orderly and transparent markets. We also advise the Minister about authorizing new markets. On 1 August 2010, we assumed responsibility for the supervision of trading on Australia’s domestic licensed equity, derivatives and futures markets.

Advantages to trading with ASIC regulated brokers

ASIC protects consumers through:

Regulated brokers compliance

All registered brokers, forex and binary options need to comply with the ASIC code of conduct. As an AFS licensee any regulated and licensed broker will be obligated to:

Licensed forex brokers of ASIC

 

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