BUS200 : No-Liability Company Registration

Answer

Part 2

Royal commission is a formal technique for assessment of actions that is established by the heads of state in a country. It aims at investigations on debatable issues in the country encountered in various sections. The Act of Royal Commissions contains clear specifications under which the royal commission is set up (Lockwood, 2007, p.172).  Among the powers bestowed on the royal commission are issuances of permits for search, investigation of a specific matter and gathering evidence. The royal commission also has the power to interrogate and punish when collecting evidence. Banking royal commission is an example of the Royal Commissions in Australia. It is correctly termed as the Royal Commission into Misconduct in the Lending, Superannuation and Financial Services Industry.

The introduction of the Banking Royal Commission in Australia was done in December 2017.It was initiated by the Australian Governor-General of Commonwealth to investigate on delinquencies in financial transactions firms. The banking royal Commission commissioner in charge is Honorable J. Kenneth Madison Hayne (Lockwood, 2007, p.173). It should submit an ultimate report in February 2019 but in September of this year, it is supposed to submit animpermanent report. The commission is required to prioritize on scrutinizingcrimes in the financial transactions sector and should not make any references involvingdirectives.

References

LOCKWOOD, T.J. (2007). The No-liability corporations formation. Osgoode Hall LJ, 5, p.172.

MORRIS, R.D., (2006). The laws of the No-Liability mining company and its accounting regulations. The Development of Accounting in an International Context (pp. 102-133). Routledge.