Regulatory Framework of Oz Bank Ltd to Engage in a Banking Business

Question

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.

Required

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 authorization 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.        

Summary

This question belongs to financial law and discusses about regulatory requirements that a Bank will need to satisfy in order to gain authorization from the relevant regulator to engage in a banking business.

Total word count: 2625