Financial Services Law

  • By Samantha Hills

    Attention: AFCA members. ASIC must be notified!

    Friday, 16 November 2018
    Licensees who have joined AFCA but have yet to notify ASIC must do so prior to 30 November, or be prepared to face late fees.

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  • By Samantha Hills

    Protecting your licence from advisers who breach

    Monday, 12 November 2018
    Being able to sever ties with an adviser who is breaching your AFS licence obligations is an important consideration for licensees. You should be sure that your authorised representative agreements provide you with sufficient ability to terminate advisers at short notice for material compliance breaches.

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  • By Grant Holley

    Part V: Proprietary Companies Enter the Crowd-Sourced Funding Realm

    Monday, 29 October 2018
    On 12 September, Parliament passed the Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 (‘the Bill’). The new provisions commenced on 19 October 2018, extending the availability of crowd-sourced funding (‘CSF’) opportunities to proprietary companies. Until then, CSF had only been available to public companies, following the Corporations Amendment (Crowd-sourced Funding) Act 2017. The Bill’s amendments come as welcome news to proprietary companies, which make up the vast majority of registered companies in Australia.

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  • By David Court

    Is the end coming for the Sophisticated Investor?

    Monday, 22 October 2018
    The 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 (such as the FOFA reforms) and the increasing ease with which clients can meet the wholesale client eligibility tests has led many financial services businesses to adopt wholesale only business models.

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  • By Alexa Freeman

    Cryptocurrency Exchanges must now fully comply with the Anti-Money Laundering and Counter-Terrorism Laws in Australia

    Thursday, 4 October 2018
    If you are operating a cryptocurrency / digital currency exchange (DCE) which exchanges fiat (Australian or foreign currency) for digital currency and/or vice versa, you would be aware that from 3 April 2018, you have had obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

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  • By Alexa Freeman

    5 Frequently Asked Questions for Setting up a Cryptocurrency Exchange in Australia

    Wednesday, 18 July 2018
    With digital currencies having cemented themselves in daily finance updates, they have begun to attract the wider market. Due to the returns that have been made in cryptocurrencies, and the regulatory roadblocks in countries outside Australia, it is no surprise that many people are planning on setting up digital currency exchanges in Australia. This article addresses the most Frequently Asked Questions we receive about exchange setups, and prepares you for talking to lawyers if you’re serious about setting up in the highly regulated Australian jurisdiction.

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  • By Jesse Vermiglio

    It's time to dust off your conflicts of interest policy

    Wednesday, 27 June 2018
    Earlier this year, ASIC launched a crusade against poor financial advice. ASIC looked at how some of Australia’s larger banking and financial services institutions dealt with conflict of interest between selling its in-house products and looking after a client’s best interest. These issues were also raised by the Banking Royal Commission, and have left the larger banking institutions reconsidering its separate divisions.

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  • By David Court

    Deadline is Fast Approaching for MDA Service Providers!

    Monday, 16 April 2018
    If your business operates a Managed Discretionary Account service through a regulated platform and has been relying on the “no-action” letter, this is a reminder that changes are happening and with little time remaining.

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  • By Fiona McCord

    You’ve just suffered a ‘cyber’ incident – What Are the Legal Risks?

    Monday, 19 February 2018
    While it is natural to focus on restoring internal systems and security processes if a cyber incident arises, consideration must be given to the potential legal ramifications. Here are our top four cyber incident legal risks that should be considered by every business.

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  • By Terence Wong

    Enhanced Regulatory Sandbox - Fintech 2.0 or Fintech 1.1?

    Monday, 15 January 2018
    Australian Fintech businesses would be aware of ASIC's existing Fintech Regulatory Sandbox. In this blog, we refer to this as the “Existing Sandbox” - see a previous blog we wrote defining ASIC's Existing Sandbox. The Existing Sandbox was designed for certain Fintech startup businesses to avoid AFS licensing requirements for one year subject to retail client caps, notification requirements and client exposure limits.

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