QUESTION 3B

Use IRAC format to answer the question if you can.

1. Issue: State the legal issue(s) to be discussed.
2. Rule: State the relevant statutes and case law.
3. Application: Apply the relevant rules to the facts that created the issue.
4. Conclusion: State the most likely conclusions using the logic of the application section

Answer the following question. Refer to statutory or case law as appropriate.

"Australia has a 'twin peaks' model of financial regulation with the Australian Securities and Investments Commission ('ASIC') and the Australian Prudential Regulation Authority ('APRA')." Compare and contrast the functions, responsibilities and regulatory powers of these two regulators.

You can refer to theCorporations ACT 2001 on the link below if need be.

http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/