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  • 1.

    What national authorities regulate the provision of financial products and services?

  • 2.

    What activities does each national financial services authority regulate?

  • 3.

    What products does each national financial services authority regulate?

  • 4.

    What is the registration or authorisation regime applicable to financial services firms and authorised individuals associated with those firms? When is registration or authorisation necessary, and how is it effected?

  • 5.

    What statute or other legal basis is the source of each regulatory authority’s jurisdiction?

  • 6.

    What principal laws and financial service authority rules apply to the activities of financial services firms and their associated persons?

  • 7.

    What are the main areas of regulation for each type of regulated financial services provider and product?

  • 8.

    What additional requirements apply to financial services firms and authorised persons, such as those imposed by self-regulatory bodies, designated professional bodies or other financial services organisations?

  • 9.

    What powers do national financial services authorities have to examine and investigate compliance? What enforcement powers do they have for compliance breaches? How is compliance examined and enforced in practice?

  • 10.

    What are the powers of national financial services authorities to discipline or punish infractions? Which other bodies are responsible for criminal enforcement relating to compliance violations?

  • 11.

    What tribunals adjudicate criminal and civil financial services infractions?

  • 12.

    What are typical sanctions imposed against firms and individuals for violations? Are settlements common?

  • 13.

    What requirements exist concerning the nature and content of compliance and supervisory programmes for each type of regulated entity?

  • 14.

    How important are gatekeepers in the regulatory structure?

  • 15.

    What are the duties of directors, and what standard of care applies to the boards of directors of financial services firms?

  • 16.

    When are directors typically held individually accountable for the activities of financial services firms?

  • 17.

    Do private rights of action apply to violations of national financial services authority rules and regulations?

  • 18.

    What is the standard of care that applies to each type of financial services firm and authorised person when dealing with retail customers?

  • 19.

    Does the standard of care differ based on the sophistication of the customer or counterparty?

  • 20.

    How are rules that affect the financial services industry adopted? Is there a consultation process?

  • 21.

    How do national financial services authorities approach cross-border issues?

  • 22.

    What role does international standard-setting play in the rules and standards implemented in your jurisdiction?

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Established in 1988, Gilbert + Tobin is a leading independent corporate law firm and a key player in the Australian legal market. From our Sydney, Melbourne and Perth offices, we provide innovative, relevant and commercial legal solutions to major corporate and government clients across Australia and internationally, particularly in the Asia-Pacific region.

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Sydney
Level 35, Tower Two, International Towers Sydney
Barangaroo, NSW 2000
Sydney
Australia
T: +61 2 9263 4000
F: +61 2 9263 4111


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