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Retail vs Wholesale Clients – Regulatory Concerns and Responses
06 Sep 2025
David Court
PartnerWhile there have been some changes to the wholesale client eligibility criteria since the FSR regime commenced in 2004, there has been little recent appetite from regulators or the Government…...
Read moreUnprecedented wake-up call for AML/CTF in pubs & clubs: AUSTRAC sues Mounties
11 Aug 2025
Anthony Jensen
Special CounselKey takeaways: First AUSTRAC civil penalty proceeding brought against a pubs & clubs business, after ~5 years of putting the industry on notice Case stems from alleged failure to properly…...
Read moreFACT SHEET: AFSL Costs
07 Jul 2025
Frank Varga
Head of LicensingSo, you think you’re ready to apply for your own AFSL. What are the costs should you be prepared for? Preparing You can attempt to prepare and submit your own…...
Read moreFACT SHEET: The AFSL Application Process
07 Jul 2025
Frank Varga
Head of LicensingBefore applying for a licence, you need to know: Why are you applying? “Branding” alone won’t cut it. You need to convince ASIC that you need a licence. You may…...
Read moreCertified Wholesale – SMSFs and Accountant’s Certificates
21 Jan 2025
David Court
PartnerOne of the more popular methods used to treat investors as wholesale clients is through the use of accountant's certificates. Financial advisers and accountants need to be aware of…...
Read moreIs the end coming for the Sophisticated Investor?
17 Jan 2025
David Court
PartnerThe distinction between wholesale and retail clients is a fundamental part of the financial services laws. The continuing increase in retail client regulation over recent years and the increasing…...
Read moreEfficiently, Honestly and Fairly – What does it mean?
10 Jan 2025
Grant Holley
Co-Founder & ConsultantI’d like some “Efficiently, Honestly and Fairly” please, with a dash of “community expectations” thrown in.[1] I would like to start with what is, I think, an unarguable proposition. No…...
Read moreYou’ve just suffered a ‘cyber’ incident – What are the legal risks?
02 Apr 2024
Jesse Vermiglio
PartnerAsk Optus. Its 14-hour national outage on 8 November 2023 led to a Parliamentary inquiry, the resignation of its then CEO, and loss of trust across the market. While it…...
Read moreFACT SHEET: Do I need an Australian Financial Services Licence (AFSL)?
22 Feb 2024
Frank Varga
Head of LicensingThe law says that you need an Australian Financial Services Licence (AFSL) if you are a “person” who carries on a “financial services” business in this jurisdiction. (This article includes…...
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