Editing Financial system in Australia (section)

==Regulation==
{{See also|Financial regulation in Australia}}
Regulation of the financial system in Australia is split mainly between the [[Australian Securities & Investments Commission]] (ASIC) and [[Australian Prudential Regulation Authority]] (APRA).

ASIC has responsibility for [[market integrity]] and [[consumer protection]] and the regulation of certain financial institutions (including investment banks and finance companies or NBFI). The general regulatory position is that a [[legal person]] carrying on a financial services business in Australia must either hold an Australian financial services licence issued to that person by ASIC or fall within a licensing exemption.

APRA is responsible for the licensing and [[prudential supervision]] of ADIs (banks, building societies, credit unions, friendly societies and participants in certain credit card schemes and certain purchaser payment facilities), life and general insurance companies and superannuation funds. APRA has issued capital adequacy guidelines for banks which are consistent with the [[Basel II]] guidelines. All financial institutions regulated by APRA are required to report on a periodic basis to APRA. Certain financial intermediaries, such as investment banks (which do not otherwise operate as ADIs) are neither licensed nor regulated under the Banking Act and are not subject to the prudential supervision of APRA. They may be required to obtain licences under the Corporations Act 2001 or other Commonwealth or state legislation, depending on the nature of their business activities in Australia.

Most investment banks are registered under the ''Financial Sector (Collection of Data) Act 2001''. This Act requires registered financial corporations to provide statistical information to APRA.

The [[Reserve Bank of Australia]] is the country's [[central bank]], with responsibility for most [[payment system]]s and setting of [[monetary policy]].

Since 1996 the provision of credit to individuals for personal, household or domestic purposes has been regulated by the [[Uniform Consumer Credit Code]], which has been implemented in all Australian states and territories.

Businesses providing financial products and services are required to identify and monitor customers using a risk-based approach, develop and maintain a compliance program, report suspicious matters and certain cash transactions and file annual compliance reports.<ref>See ''Anti-Money Laundering and Counter-Terrorism Financing Act 2006'' (Commonwealth).</ref>

* [[Australian Competition & Consumer Commission]]
* [[Australian Securities Exchange]]
* [[Australian Payments Network]]