Q-6) Below are the five (5) key areas in the financial services industry. For each key area, two (2) legislations, statutory requirements, or regulations are given. Explain the key requirements of each given legislation, statutory requirement, or regulation as they relate to each key area.
Key Area
Legislations, Statutory Requirements or Regulations
Consumer Credit
National Consumer Credit Protection Act 2009
ASIC Regulatory Guide 209 page 13
Privacy
Queensland Information Standard 42
New South Wales Workplace Surveillance Act 2005
Financial Transaction Reporting
Financial Transaction Reports Act 1988
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
Corporations (including accounting standards)
Corporations Act 2001
AASB 1039 Concise Financial Reports
Financial Services
Financial Services Reform Act 2001 (FSRA)
ASIC Policy Statement 146
Q-7) Below are the five (5) key areas in the financial services industry. For each key area, one to two codes of practice are given. Explain the key requirements of each given code of practice as they relate to each key area.
Key Area
Code of Practice
Consumer Credit
National Consumer Credit Code
Australian Bankers’ Association Code of Banking Practice
Privacy
Code of Health and Community Rights and Responsibilities (Northern Territory)
Victoria approved code of practice
Financial Transaction Reporting
ASIC code of practice for financial statements
ePayments Code
Corporations (including accounting standards)
Tax Transparency Code
Financial Services
Insurance Brokers Code of Practice
Provide the rationale (a set of reasons or a logical basis for the course of action) behind the following:
a. Industry security practices
• Personnel security and training
• Software security
b. Organisational security practices
• Daily security practices
• Evaluating what data should be treated as confidential
Industry security practices
Rationale
Personnel security and training
Software security
Organisational security practices
Rationale
Daily security practices
Evaluating what data should be treated as confidential
Using bullet points, outline the security practices for the following organisational practices, procedures and systems:
a. Strengthening cybersecurity defences
b. Reviewing data-breach policies
Organisational security practices
Description
Strengthening cybersecurity defences.
Reviewing data-breach policies.