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A new AFS licensing regime for Foreign Financial Service Providers
31 Mar 2020
Sarah Archer
Special CounselForeign financial service providers will be subject to a new regulatory regime from 1 April 2020, which will require a number of previously exempt foreign financial service providers (FFSPs) to…...
Read moreOutsourcing: How can you comply with an obligation without performing the function?
30 Mar 2020
Alexa Bowditch
Previously a Lawyer at Holley NethercoteIn times like these, are you confident that your business will continue to comply with its obligations where it has outsourced its functions? We explore strategies that your business can…...
Read moreData Breach Reporting – What you need to know as a Licensee
19 Mar 2020
Fiona McCord
Previously a Senior Associate at Holley NethercoteAustralian Financial Services and Australian Credit Licensees are subject to data breach reporting requirements contained in the Privacy Act 1988 (“data breach law”). The law imposes a reporting obligation when…...
Read moreChanges to annualised salary arrangements: from 1 March 2020
13 Feb 2020
Naomi Fink
Special CounselIs your industry subject to a Modern Award? If yes, does the Award include an “annualised salary” provision? If yes, then from 1 March 2020, you must comply with new…...
Read moreComplying with your AML/CTF obligations
12 Feb 2020
Naomi Fink
Special CounselAUSTRAC Action: The Westpac Case AML/CTF obligations - A case study: Australian Transaction Reports and Analysis Centre (AUSTRAC) made national and international headlines on 20 November 2019, when it applied…...
Read moreAs a credit licensee, can you sign the Annual Compliance Certificate?
18 Dec 2019
Fiona McCord
Previously a Senior Associate at Holley NethercoteIf you are a credit licensee, you must lodge an annual compliance certificate with ASIC within 45 days of your licensing anniversary each year. Your licensing anniversary is the anniversary…...
Read moreFederal Court dismisses ASIC’s test case against Westpac on Responsible Lending
08 Nov 2019
Jesse Vermiglio
PartnerIn early August 2019, Justice Perram of the Federal Court dealt ASIC a significant blow by dismissing its case that Westpac had breached responsible lending laws. In some ways, the…...
Read more12 Problem Words for Financial Services Promotional Materials
25 Oct 2019
David Court
PartnerWhatever your financial services business model, you are legally responsible for the content of the promotional material that you publish or otherwise make available in the public arena. This blog…...
Read more10 easy steps to draft ‘clear, concise and effective’ Statements of Advice (SOA)
17 Oct 2019
Zoe Higgins
Previously a Special Counsel at Holley NethercoteFinancial advisers are required to provide Statements of Advice (SOAs) that are “clear, concise and effective”. But what does this actually mean in practice? We share some tips and identify…...
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