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New Professional Standards and Training Obligations for Financial Advisers are Coming Soon

Posted on March 28th, 2018 by Sophie Gerber in AFSLsASICCompliance WorkFinance Industry
From 1 January 2019, all new financial advisers will be required to meet the new professional standards and training obligations. Under the new regime, financial advisers providing personal advice ...

ASIC’s AFSL and ACL Application Charges Set to Increase on 1 July 2018

Posted on March 16th, 2018 by Sophie Gerber in ACLsAFSLsASICFinancial Services and Credit Industries
From 1 July 2018, ASIC will be able to charge fees for its services which include regulatory costs that are directly attributable to a single, identifiable entity. Below are some examples of the Fe ...

The Importance of Updating your ASIC Financial Advisers Register Listing

Posted on February 20th, 2018 by Sophie Gerber in AFSLsASICCompliance Work
Since its launch on 31 March 2015, ASIC’s Financial Advisers Register (“the Register”) has been a valuable source of information for members of the public and those interested in engaging a fina ...

Licensing Assessment Delays to Continue as ASIC Increases their Licence Approval Timeframes

Posted on January 15th, 2018 by Sophie Gerber in ACLsAFSLsASICLicensing
ASIC has announced changes to its service charter causing further delays to licence approval. The service charter details the timeframes you can expect for ASIC to respond to your correspondence, incl ...

New Guidance for Funds Management Released for Consultation

Posted on November 27th, 2017 by Sophie Gerber in AFSLsASICCompliance WorkFunds Management
Introduction The Asia Region Funds Passport (“Passport”) and the Corporate Collective Investment Vehicles (“CCIVs”) are finally here.  On 26 October 2017, ASIC released Consultation Paper ...

Initial Coin Offerings: A Global Perspective

Posted on November 22nd, 2017 by Sophie Gerber in AFSLsASIC
With the increasing popularity of Initial Coin Offerings (ICOs) (a product which adopts the blockchain technology), financial services businesses which are looking to adopt the product should be aware ...

Applications for Crowd Funding Licences Open on 29 September 2017

Posted on September 25th, 2017 by Sophie Gerber in AFSLsASICLicensing
Crowd-sourced funding (“CSF”) is a financial service that start-ups and small businesses use to raise funds, generally from a large number of investors that invest small amounts of money. Austr ...

Providing Tax Advice to Clients under an AFSL? You Need to be Registered with the TPB

Posted on August 29th, 2017 by Sophie Gerber in AFSLsAuthorised RepresentativesFinance Industry
All AFSL holders and Corporate Authorised Representatives (CARs) who provide tax advice to retail and wholesale clients are required to be registered with the Tax Practitioners Board (TPB). This means ...

Limited AFSLs – A Year On

Posted on July 28th, 2017 by Sophie Gerber in AFSLsLicensingOngoing Compliance
It has been a little over a year since the transitional arrangements for accountants providing advice to their clients on SMSFs ended. The limited Australian Financial Services (AFS) Licence regime is ...

ASIC Down to Final Batch of Limited AFS Licence Applications

Posted on July 11th, 2017 by Sophie Gerber in AFSLsASICLicensing
The corporate regulator has distributed a raft of draft limited AFS licences as it works on finalising the last of the remaining applications. An ASIC spokesperson confirmed to SMSF Adviser t ...