COMPLETE QUESTIONS AND SOLUTIONS
VERIFIED A+
●● What is an Act Answer: is legislation (or law) passed by parliament
which sets out the broad legal/policy priciples
●● what are regulations, rules or codes Answer: guidelines to indicate
how the provisions of the act are implied
●● what are the 3 main regulators in Australia Answer: RBA
ASIC
APRA
●● what is the RBA responsibilities Answer: responsible for the
monetary policy, overall stability of the financial system and regulation
of the payments system.
●● what are ASIC's responsibilities Answer: responsibility for market
integrity or consumer protection across the financial system
, ●● what are APRA's responsibilities Answer: responsibility for
prudential supervision of banks, building societies, life & general
insurance, companies and superannuation funds
●● what are the ways to stay up to date with regulatory changes in
banking Answer: review financial press
staff training
websites - RBA, ASIC, APRA, ACC & Austrac
●● what are the 4 clearing and settlement systems Answer: ASX Clear
ASX clear (futures)
Austraclear
CHESS
●● what year are the Acts that each of the 3 regulators comply to?
(APRA, ASIC & RBA) Answer: RBA - 1959
APRA - 1959 & 1998
ASIC - 2001
●● when was the new payments platform formed? Answer: December
2014
●● what are the main functions of the RBA and how does it promote
financial stability? Answer: manage monetary policy in Aus