The stock exchange and the futures exchange have a comprehensive set of rules that participants must adhere to, and, of course, they are also regulated by ASIC. The banks and insurance companies are regulated by APRA, the payments system by the Reserve Bank, and competition policy is enforced by the ACCC. Underlying all this, are the body of commercial law and the accounting standards.
BIS Review 99/1998  -2-  This approach to organising financial markets - which, in deference to common usage, I will call the deregulated approach - has not been without its critics. A common criticism is that international capital has forced the Australian Government to run macro-economic policies that were not in the interests of the domestic economy.