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Providing Financial Services Unlicensed? ASIC Steps Up Enforcement Action

Posted on May 7th, 2018 by Sophie Gerber in ACL ComplianceAFSL ComplianceASICLicensing
The Australian Securities and Investments Commission (ASIC) has stepped up enforcement against those involved in operating a financial services business without holding an Australian Financial Service ...

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 Derivatives Regulations in Effect for Issuers to NZ Clients

Posted on December 4th, 2017 by Sophie Gerber in LicensingNew ZealandOTC Derivatives
Starting today, all derivatives issuers (issuers) who make regulated offers to New Zealand clients must be licensed by the New Zealand Financial Markets Authority (FMA). Previously, financial servi ...

The Licensing Deadline for Issuers of Short-Term Derivatives to New Zealand Clients has Arrived

Posted on November 29th, 2017 by Sophie Gerber in LicensingNew ZealandOTC Derivatives
From Friday, 1 December 2017, all derivatives issuers (“Issuers”) who make regulated offers to New Zealand clients must be licensed by the New Zealand Financial Markets Authority (“FMA”). P ...

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 ...

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 ...

Experts Weigh In on s923A Breach Penalties

Posted on July 14th, 2017 by Sophie Gerber in ASICBreachesFinance IndustryLicensing
Advisers and licensees could face serious consequences for misuse of restricted terms following ASIC’s s923A crackdown, compliance consultants have warned. In late June, ASIC issued a clarification ...

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 ...

The AAT Decisions: Can You Win Against ASIC?

Posted on May 25th, 2017 by Sophie Gerber in AFSL ComplianceASICLicensing
Each year the Australian Securities and Investment Commission (“ASIC”) makes countless decisions in their role as regulator of the financial services industry. These decisions cover a diverse rang ...

The Transition Period to Meet Fee Disclosure Statement Obligations has Ended

Posted on April 27th, 2017 by Sophie Gerber in AFSLsLicensing
The Australian Securities & Investments Commission (ASIC) released an updated Regulatory Guide 245: Fee disclosure statements (RG 245) in February 2017 to reflect regulatory and legislative ...