Question

Which regulatory body enforces the principles of the National Credit Code?

a) Federal Reserve
b) Securities and Exchange Commission (SEC)
c) Australian Securities and Investments Commission (ASIC)
d) Office of the Comptroller of the Currency (OCC)

Answer 1

The Australian Securities and Investments Commission (ASIC) is the regulatory body that enforces the principles of the National Credit Code.

Step-by-step explanation:

The regulatory body that enforces the principles of the National Credit Code is the Australian Securities and Investments Commission (ASIC). This organization is responsible for financial regulation and consumer protection in matters related to credit, investments, insurance, and more within Australia. None of the other options, such as the Federal Reserve, Securities and Exchange Commission (SEC), or the Office of the Comptroller of the Currency (OCC), which operate within the United States, have jurisdiction over the National Credit Code, as it is specific to Australian finance law.

Answer 2

The Australian Securities and Investments Commission (ASIC) is the regulatory body that enforces the principles of the Australian National Credit Code, and not the OCC, Federal Reserve, or SEC.

Step-by-step explanation:

In the context of the National Credit Code, which is an Australian legislation governing consumer credit laws, the correct regulatory body that enforces its principles is the Australian Securities and Investments Commission (ASIC). The options provided include several American institutions, such as the Federal Reserve and the Securities and Exchange Commission (SEC), and while these agencies are responsible for various aspects of financial regulation within the United States, they are not involved with the enforcement of the Australian National Credit Code. The Office of the Comptroller of the Currency (OCC) supervises national banks and savings and loan institutions in the US, but not credit legislation in Australia. Therefore, option c) ASIC is the correct answer.