ASIC through Chapter 7 of the Corporations Act regulates

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BlackTom AI · Accepted Answer

Question restatement: The prompt asks which area ASIC, via Chapter 7 of the Corporations Act, regulates.
Option a: 'The conduct and disclosure of financial product adviser.' This aligns with the core focus of Chapter 7, which covers regulation of licensed financial services and the disclosure and conduct requirements for financial product advisers, including how they must operate and communicate with clients. This option is a strong match to the intended scope of Chapter 7.
Option b: 'The licensing of tax adviser.' Tax advisers are typically within other regulatory schemes and professional standards; licensing of tax advisers is not the central remit attributed to Chapter 7 of the Corporations Act. Therefore this is not correct.
Option c: 'The investment restrictions of self-managed superannuation funds.' While SMSFs are regulated, the specific investment restrictions of SMSFs are not the primary subject of Chapter 7. They fall under broader superannuation and tax regimes, not the core financial services conduct and disclosure framework emphasized in Chapter 7.
Option d: 'None of the above.' Given that option a accurately describes a Chapter 7 regulation area, this choice is incorrect because it contradicts the correct scope identified.
Option e: 'Two of the specific items.' This would imply that two items among the listed options correctly describe Chapter 7’s regulation, but since option a is the correct primary description and the other options do not accurately capture Chapter 7’s focus, selecting two items would be misleading. Therefore this option is incorrect.

Summary of why the reasoning leads away from the other choices: The key concept is that Chapter 7 centers on the regulation of financial services conduct and disclosure for advisers, not tax adviser licensing, SMSF investment rules, or an undefined multiple-item choice. The misfit of options b, c, d, and e stems from either misidentifying the regulatory domain or asserting an impossible combination of items. The correct characterization remains option a, given the established scope of the Chapter 7 provisions in the Corporations Act.

FINS2643-Wealth Management - T2 2025

ASIC through Chapter 7 of the Corporations Act regulates

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