Insights

Date
Industry

What are the Liabilities of Directors of AFSL Holders?

18 Sep 2020
What are the Liabilities of Directors of AFSL Holders?

David Court

Partner

When considering regulatory compliance and enforcement in the financial services industry, it is common to focus on the entity that holds the Australian Financial Services Licence (AFSL) and the large…...

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What is an AML/CTF Program and do I need a Risk Assessment?

08 Sep 2020
What is an AML/CTF Program and do I need a Risk Assessment?

Naomi Fink

Senior Associate

Do I need an AML/CTF Program? Yes - if you are a “reporting entity” and you provide a “designated service” in connection with Australia that meets the “geographical link” test…...

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How Legal are you Corporate Authorised Representative / Authorised Representative Agreements? Take the Quiz

03 Sep 2020
How Legal are you Corporate Authorised Representative / Authorised Representative Agreements?  Take the Quiz

Tim Dixon

Special Counsel

In October 2016, we published a brief article entitled “Is your Standard Form Contract bullet proof?”.  That article was prepared immediately prior to the changes to the Unfair Contracts regime…...

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High Court to provide clarity on the meaning of Personal and General Financial Product advice

27 Aug 2020
High Court to provide clarity on the meaning of Personal and General Financial Product advice

Samantha Hills

Senior Associate

The High Court of Australia is set to provide clarity as to when the line will be crossed between the giving of general financial product advice and the giving of…...

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What is an Authorised Representative?

20 Aug 2020
What is an Authorised Representative?

Grant Holley

Managing Partner

“What’s in a name?” A fair bit when it comes to the term ‘representative’ under our Australian Financial Services licensing regime. The Act defines the term ‘representative’ as including Authorised…...

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Buying a Financial Services Business – Tips & Traps

19 Aug 2020
Buying a Financial Services Business – Tips & Traps

Tim Dixon

Special Counsel

Is there an opportunity for you to buy a Corporate Authorised Representative (CAR) business?  Or even an Australian Financial Services Licensee (AFSL)?  Most CARs and AFSLs are operated via a…...

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RG 132: Financial Services Compliance Systems For Wholesale Managed Funds

05 Aug 2020
RG 132: Financial Services Compliance Systems For Wholesale Managed Funds

David Court

Partner

In July 2018 ASIC issued its Regulatory Guide 132: Funds Management: Compliance and Oversight (“RG 132”) which looks into what constitutes an effective and responsive compliance management system for a…...

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Ban on conflicted remuneration for mortgage brokers and intermediaries – delayed but on its way

03 Aug 2020
Ban on conflicted remuneration for mortgage brokers and intermediaries – delayed but on its way

Rachel Erlich

Senior Associate

In February 2020, the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures) Act 2020 (Act) passed both Houses of Parliament and received Royal Assent. The Act…...

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Credit licensees, lend us your ear on the new best interests obligations for the mortgage broking sector

30 Jul 2020
Credit licensees, lend us your ear on the new best interests obligations for the mortgage broking sector

Zoe Higgins

Special Counsel

Since 2009, credit licensees and their representatives have grappled with responsible lending obligations.  Following the passage of legislation in response to recommendations of the Royal Commission, mortgage brokers will now…...

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