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Australian securities regulation rests on the principle that "financial markets cannot function effectively unless participants act with integrity and there is adequate disclosure to facilitate informed judgements". As a result, many of the regulatory rules governing dealings in securities are part
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are dealt with to prevent improper practices in connection with securities markets. A licensing system operates to ensure securities markets are fair, orderly and transparent. At the same time, securities law is also facilitative, allocating rights and duties in conjunction with general
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A security is "a thing in action", a claim enforceable by legal proceedings rather than owning some tangible property. To effect regulation the legislation adopts various definitions of "security" and "financial product" that are used.
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There is also no law which stipulates that no person in which authority is not given (anyone other the law enforcement or owners of an establishment) may restrict persons entering and leaving a premises.
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in
Australian mineral stocks of the late 1960s), the sections relating to securities regulation have been subject to recent amendment. The takeovers provisions were substantially re-written by the
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One set of statutory prohibitions is upon trading activity which manipulates market prices. There are further prohibitions upon conduct that involves false trading or market rigging.
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General common law prohibitions against interfering with the free public market are strengthened by statutory prohibitions against various forms of market misconduct.
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and the
Supreme Courts of the States and the Northern Territory, with other courts having some powers to apply the securities legislation.
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2001 (Cth), as well as the regulations made under that Act. Whilst much of the law is derived from earlier regulation (especially the
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A person who carries on a financial services business in the jurisdiction must hold an
Australian financial services licence.
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Australian securities law has been substantially modernised in recent years. The core of these laws are found in the
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1999. Changes to financial products, financial markets, and financial services were introduced by the
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389:(1814) 3 Maule & S 67; 105 ER 536. See also "Notaras & Anor v Hugh & Ors" NSWSC 167.
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Mandatory disclosure and conduct regulation underlie much of
Australia's securities regulation.
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Prevention of fraud and other forms of market misconduct has its foundation in the
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Elements of securities law are also found in the general law governing
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operates against the background of other
Commonwealth legislation on
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Only the holder of a market licence may operate a financial market.
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Administration of the legislation is the responsibility of the
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Australian
Securities and Investments Commission Act
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90:, by the operation for example of an independent
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185:Australian Securities and Investments Commission
111:, and financial products, services and markets.
103:2001 (Cth), which contains provisions governing
201:also has an important regulatory role to play.
145:, commonly referred to as "the Wallis report."
327:Administrative Decisions (Judicial Review) Act
204:The resolution of disputes is confided to the
287:Final Report of the Financial System Inquiry
143:Final Report of the Financial System Inquiry
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135:Corporation Law Economic Reform Program Act
312:: CS1 maint: location missing publisher (
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30:as well as other securities, including
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290:. Canberra, Australia. Archived from
272:Financial System Inquiry Final Report
347:Commonwealth Acts Interpretation Act
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54:of a broader framework that governs
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160:. Securities regulation under the
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284:Financial System Inquiry (1997).
123:about securities is found in the
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197:2001 (Cth). The market operator
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141:2001 (Cth), as a result of the
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115:Legal and regulatory framework
16:Financial services legislation
1:
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139:Financial Services Reform Act
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247:efficient-market hypothesis
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461:
410:Corporations Act, s 1041A.
331:Freedom of Information Act
270:Commonwealth of Australia
48:managed investment schemes
199:Australian Stock Exchange
187:(ASIC), according to the
20:Australian securities law
233:Financial intermediaries
174:statutory interpretation
440:Australian business law
181:Commonwealth Treasurer
445:Financial regulation
193:2001 (Cth) and the
92:securities exchange
46:, and interests in
170:administrative law
75:fraudulent dealing
60:financial services
56:financial products
241:Market misconduct
119:The main body of
64:financial markets
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422:Corporations Act
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399:Corporations Act
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385:See for example
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195:Corporations Act
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100:Corporations Act
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401:2001 Part 7.10.
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121:substantive law
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88:self-regulation
79:insider trading
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424:2001, s 1041B.
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294:on 9 July 2014
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274:(1997) p. 16.
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206:Federal Court
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71:False trading
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376:, s 911A(1).
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296:. Retrieved
292:the original
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84:contract law
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28:corporations
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335:Privacy Act
212:Definitions
109:fundraising
44:governments
22:relates to
434:Categories
259:References
42:issued by
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26:issued by
24:securities
308:cite book
225:Licensing
150:contracts
105:takeovers
183:and the
298:13 July
333:1982;
329:1977;
172:, and
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154:trusts
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349:1901.
337:1988.
158:torts
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