Finance law is the area of law that deals with the regulation of financial markets and financial institutions, including banks, insurance companies, and securities firms. Finance law governs issues such as the regulation of financial products and services, the rights and obligations of financial institutions and their customers, and the protection of investors.
In Australia, finance law is primarily governed by the Australian Securities and Investments Commission Act 2001 (Cth) which is the federal legislation that applies throughout Australia. The act provides a framework for the regulation of financial markets and financial institutions, including the registration, supervision, and enforcement of financial institutions and the regulation of financial products and services.
The Australian Securities and Investments Commission (ASIC) is responsible for enforcing the act and other laws related to financial markets and financial institutions, as well as protecting consumers, investors and promoting fair, efficient and transparent financial markets.
It's important to note that finance law also includes the laws that regulate the Australian Taxation Office, which is responsible for the administration of tax laws and the collection of taxes, and the Australian Prudential Regulation Authority (APRA), which is responsible for the prudential regulation of banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.