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Law Of Financial Institutions and Securities
Semester 1, 2013
This assignment consists of two questions totalling 25 marks.
Answer both questions.
A consortium of investors proposes to form a bank that will operate throughout Australia. The new entity will be a public company operating under the name, Oz Bank Ltd.
Oz Bank Ltd will offer the same range of services and products as other major trading banks in Australia.
Write an essay or report describing amongst other things:
• the regulatory requirements ( describing the regulatory framework) that
 Oz Bank will need to satisfy in order to gain authorisation from the relevant
 regulator to engage in a banking business
• the regulatory environment and legal matters Oz Bank will need to comply with in the course if its business, including on-going disclosure obligations in providing a variety of services to its consumer customers
You may select one retail trading bank operating in Australia, using its corporate and organisational structure as a model for Oz Bank Ltd.
( Do not discuss incorporation issues under the Corporations Act 2001 Cth. However, other
 aspects of this legislation will be relevant)
( 15 Marks)
Length: 2,500 words
Topic coverage: selected topics among topics 1- 9
Jill is about to open accounts with Nova Bank Ltd (‘Nova’) in Melbourne, and requests a savings account and a credit card facility.
Currently, she has a credit card account with Elbe Bank, and a personal, unsecured loan of $2,000 from Aspen Finance Ltd.
As part of the procedure for opening the accounts with Nova, she signs various forms that she does not read. She is informed that further information about these account facilities will be sent to her in the mail.
A few days later, her application has been duly processed and she is issued with the requested accounts.
Later, Jill learns that Nova had conducted credit checks on her with a Credit Reporting Agency (CRA) prior to issuing the accounts to her, and Nova had approached her former employer to glean information about her employment history, revealing that Jill had applied to Nova for a credit card with a $4,000 limit.
In respect of all of these matters, Nova denies it has done anything wrong.
Describe the information about Jill that is likely to be in the credit report from the CRA, and advise Jill of her legal position in respect of Nova’s actions
( 10 Marks)
Length: 1,000 words
( Total: 25 Marks)
( Assignment instructions on the next page).
Assignment Requirements.
A. Your assignment may be written as a report, or in essay format. In either case, you may adopt headings and sub-headings, and referencing will be required.
B. This assignment should be:-
• approximately 3,000- 3,500 words total
• typewritten on A4 paper
• presented in an appropriate cover
C. Begin Questions 1 and 2 on separate pages.
D. The assignment counts for 25% of the total assessment in this subject.
E. The due date for the assignment is WEEK 11, Sunday 29 Sept 12p.m
How to submit
(1) Students must submit an e-copy of their assignment to Turnitin by the due date.
(2) submit a hardcopy to academic office
F. Extensions will only be granted in respect of written requests given on grounds available
 for special consideration for exams i.e bereavement or medical condition (with appropriate
 evidence). If no permission is sought and obtained for an extension, penalties apply.
G. Ensure that you refer to authorities ( texts, cases and legislation) accurately.
Acknowledge sources, including textbooks and articles and internet materials.
• Do not quote from source material without using quotation marks.
• Even where you do not quote directly from a source but use an idea from that source, you must acknowledge that source even when you express it in your own words.
• Include a bibliography at the end of the assignment
H. Recommended reading includes:
• Internet references given in lectures, including the legal search engine (search under ‘banking’) and the on-line publications of various law firms such as
• Butterworths online publications
• Your textbook and other banking law texts
( Continued)
I. How you are assessed: Marking Criteria
Content: Has the student identified and articulated the relevant content/legal
issues/information in the answer? Has the student “researched” the topic, explored the relevant cases (where relevant)?
-Structure: Has the material/content been presented in a cogent, logical, and thorough manner?
-Relevance and Completeness: Has the student answered the question? Have all the elements of the question been addressed?
-Analysis: Has the student “critically analysed” and “discussed” the content?
-Understanding: Has the student demonstrated an understanding of the content and the issues arising from an analysis of that content?
-Presentation: Has the answer been presented (e.g written) in a clear and concise manner?
-Conclusion: Has the student reached a conclusion and used appropriate evidence to justify this conclusion?
End of material
Academic Level : Bachelor Degree
Must be received by: 11am Sunday (29 September 2013)
1. It can be written as either REPORT or ESSAY format.
2. Question 1 required 2,500 words
3. Question 2 required 1,000 words
4. Footnote Referencing is required to both question 1 and 2
5. In-Text Citation to both question 1 and 2
6. both question are based on Australia Legal Law. Must be connected to common law, privacy act and others in Australia.
7. Plagiarism Free
Question 1:
1. APRA (Australian Prudential Regulation Authority) Authorisation under banking act 1959
2. provide definition of -ADI- and banking business.
3. Type of Restrictions on use of the word -bank-
4. Entry Limitation (limitation of APRA, How much capital allowed)
5. Limitations on shareholdings/ownership
6. capital adequacy
7. governance
8. Risk management - internal control requirement
9. information on accounting system
10. Compliance with prudential standards
11. External & Internal audit arrangment
12. Impact of Basel III (Briefly explain)
14. Under FSR - AFSL Licensing Requirement (Briefly Explain)
15. Under NCC - ACL Licensing requirement (Briefly Explain)
ON Regulatory Environment
1. Specify the general characteristics of -twin peak approach-
2. Role of Australian Financial regulators - Prudential supervision, report conduct
1. prudential regulation under APRA act
2. Nature, creation and termination of banker - customer
3. Bank, Customer right and duties under common law
4. operation of special customer account under common law
5. reporting obligation under AML/CTF
6. Licensing, conduct and disclosure obligation under FSR
7. Credit reporting obligations under privacy ACT 1988
8. Conduct and disclosure (provision of document) obligation under CBP
9. Disclosure of obligation under E-payment code
10. Confidentiality obligations
11. consumer protection in financial service under ASIC Act
12. Regulation of customer credit under NCCPA and NCC
****GUIDE FOR QUESTION 2 by LECTURER (1000 words)*****
1. Describe the type of information that may be contained in a credit report prepared by a CRA as well as the type of information that is prohibited from there
2. Advice Jill legal position in respect of Nova`s Actions.
3. Explain Jill legal status in relation to Nova - What are (if any) industry code apply to her (E-payment code & Code of banking practice)
4. It seem that NOVA had not provided with any relevant information about the account facilities, explain whether NOVA obliged by legislation on industry code to make such disclosure whether NOVA can send to her by mail
5. Explain whether NOVA credit checks on JILL is allowed by legislation and whether NOVA can disclose information about JILL existing account with them to a CRA
6. Discuss whether there has been a breach of NOVA`s duty of secretary to JILL by NOVA`s disclosure of details of her credit limit to her employer.
7. Outline the process that JILL needs to follow if she wishes to have these `disputes` resolved without having to go to court. Include a description of the jurisdiction of relevant dispute resolution body.
Thank You.

Question Set #105

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