The Financial System Division (FSD) provides policy advice on all aspects of the financial system and corporate law and governance. The Division monitors and advises on developments in the financial sector, including the availability of financial services and competition in, and the efficiency of, the financial system in supporting the real economy. This includes advice on the regulatory framework (prudential, disclosure, conduct and licensing) applying to authorised deposit taking institutions (that is banks, building societies and credit unions), capital market operators, insurance and superannuation entities, the payments system and retail investors. The Division provides advice to address agency problems in corporations and managed investment schemes, with a focus on disclosure and governance tools, and related gatekeepers. It also provides advice on the licensing of financial services providers, including financial advice requirements, as well as all aspects of regional integration for financial services. This also includes responsibility for implementing initiatives to further develop Australia as a financial centre, including the Asia Region Funds Passport. The Division works closely on these issues with industry and consumer stakeholders, the Australian Prudential Regulation Authority (APRA), Australian Securities and Investments Commission (ASIC), the Reserve Bank of Australia (RBA) and the Payments System Board of the RBA.