Which Is the Following Statements Concerning the Australian Securities and Investments

question 37

Multiple Choice

Which is the following statements concerning the Australian Securities and Investments Commission (ASIC) is incorrect?

• A) ASIC acts as an overseer and advisory body to the accounting standard setters.
• B) ASIC is responsible for administering company law throughout Australia.
• C) ASIC is required to provide information about companies to the public as soon as is practicable.
• D) One of ASIC's functions is to monitor and promote market integrity and consumer protection in regards to the Australian financial system.

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Definitions:

Minimum Contacts Test

A legal standard used to determine whether it is appropriate for a court in one jurisdiction to assert personal jurisdiction over a defendant from another jurisdiction.

Jurisdiction

Jurisdiction refers to the official power to make legal decisions and judgments, often within a specific geographical area or over certain types of legal cases.

Close Corporations

Close corporations are privately held businesses where all shareholders are typically involved in the day-to-day operations, and shares do not trade publicly.

Veils Are Pierced

A legal metaphor used when courts look beyond the protection usually afforded by the corporate entity structure to hold individuals (e.g., directors, shareholders) personally liable for corporate debts or actions.