Know Compliance Legal provides cost effective and timely solutions to legal problems, including commercial litigation, insolvency, company law, property, trusts and equity.
Applications for new licences and licence variations to suit your business requirements and to enable you to sell new products and services. This includes Australian Financial Services and Credit licences.
Where organisations lack the necessary experience and competencies required by the regulators, we can recommend training courses, train their personnel and/or provide personnel for compliance and risk management roles to supplement the team competencies. We also offer in-house training.
Assistance in developing and implementing strategies to deal with surveillance, investigations, licence hearings, appointment as external compliance consultants reporting to regulators under enforceable undertakings and expert reports for licence hearings.
Compliance frameworks, compliance plans, compliance audits and reports (internally or to regulators), agendas and minutes for compliance meetings.
Annual audit reports
Assistance with the preparation of information to enable external auditors to complete audit reports in a timely manner for lodgement with regulators.
Risk management implementation
Discussion and documentation of risks and risk management strategies with your teams and your management.
Preparation and due diligence of offer documents, review of advertising brochures, website material and supporting documents to enhance your reputation and to minimise the risk of misleading information being circulated.
Know Compliance helps clients to comply in a practical and cost efficient manner. To achieve success in your business, you need to focus on what you do best and to have the necessary licence(s). Let us help you with compliance, risk management and corporate governance matters which is what we do best.
We have a team of highly qualified people who have worked for a diverse range of organisations including regulators ASIC and APRA, tertiary and training institutions, the ASX, stockbrokers, business information providers, retail and wholesale fund managers, custodians, insurance companies, venture funds, financial planners and issuers of fixed interest, debenture and mortgage loan products.
Since 1998 we have assisted a wide array of firms in the financial services and other industries to meet increasing levels of compliance and risk management. You can rely on our practical approach and knowledge as we have over 100 years of combined industry experience in assisting companies ranging from listed multinationals to sole director companies.
Our success comes from understanding our clients’ business operations and providing compliance support to a deadline and at a reasonable cost.
We listen to your needs
We aim to exceed your expectations
We take the extra steps to produce a satisfactory outcome for you
We tailor our services to meet your organisation’s unique requirements
Mei Ling Perry
M.Corp Law, B.Ec
Grad Dip. Invest and Fin
Grad. Dip. Applied Corp. Governance
B. Comm, CPA
Many years in senior positions with ASIC, its predecessors and ASX.
Darryl Phyllip Benn
Dip Fin Services, Dip Fin Planning
B.Laws (Hons), B.Comm
Dip of Fin Planning (inc RG 146)
BA, Prince2® and ITIL certified
B.Ec, RG 146 (ELC and IPI)
Le Ngoc Lam (Yen)
B. Business Accounting
Dip.Industrial Engineer (Assoc.)
A recent $1 million civil penalty imposed on a Melbourne-based financial advice firm should put the industry on notice regarding the perils of not fostering a strong compliance culture. In March 2017, the Federal Court declared that NSG Services (now Golden Financial Group) committed multiple breaches of the Corporations Act, including NOT taking reasonable steps[…]
Under the Corporations Act 2001, financial product advice is classified as either “general advice” and “personal advice”.1 Personal advice is financial product advice that is given or directed to a person (including by electronic means) in circumstances where: The provider of the advice has considered one or more of the person’s objectives, financial situation and[…]
As with the Fact Find document covered in Part 1 of this blog series, limited regulatory and legislative guidance is available regarding the use of file notes during the advice process. Every organisation should put in place a good document/file notes creation and retention policy and ensure that all representatives are properly trained. What is[…]
The Government has confirmed that it will introduce an industry funding (user pays) model for ASIC through a cost recovery levy, commencing 1 July 2017. What does this mean for licence holders? That there will be increased costs is definite, unless one decides to give up one’s licence. Many AFS Licensees hold authorisations on their[…]
ASIC, pursuant to Section 920A of the Corporations Act, banned the Responsible Managers of a Brisbane based company. The company was a registered training organisation that also held an AFS licence. The company was found to have made misleading and deceptive representations about the performance of a real investment portfolio. It was falsely claimed that[…]
There is no definition of a responsible manager in the Corporations Act. It is a term developed by ASIC. In ASIC Regulatory Guide 105 the term responsible manager is used to label the person nominated by a licence applicant for the purposes of meeting ASIC’s competencies for licensing. As noted in the Regulatory Guide the[…]
ASIC has issued a list of conduct and disclosure practices that it would like to see be adopted by participants within the sectors it regulates. For the financial services sector this list includes: acting professionally at all times avoiding or properly managing conflicts of interest treating investors fairly ensuring that disclosure[…]
In 2015, the amendments to the Corporations Act brought in the concept of a Financial Adviser. This means having to make additional notifications to ASIC in relation to the new Financial Adviser Register. Licensees have been required to notify ASIC and its predecessors of the appointment of their Authorised Representatives for over 20 years but[…]
Since the implementation of the Future of Financial Advice (“FOFA”) reforms in July 2013, many practices continue to grapple with the associated implications on their business. The first part in this blog series addresses one of the early stages of the client / adviser relationship: the fact finding process. Part 1: The Critical Importance of[…]
Recent Court decisions have confirmed that pursuant to Section 79 of the Corporations Act, ANY employee of a corporation (not just directors), can be liable for contraventions of the Act, if they have KNOWLEDGE of a contravention. Section 79 provides: CORPORATIONS ACT 2001 – SECT 79 Involvement in contraventions A person is involved in a[…]
The accountants’ licensing exemption (Regulation 7.1.29A) previously permitted a recognised accountant to recommend the establishment or winding-up of an interest in a SMSF without holding an Australian Financial Services (AFS) licence. This exemption was removed on 1 July 2016. ASIC has advised that as at 2 July it had issued 317 Limited AFS licenses to[…]
There are just 4 months of the licensing period remaining where recognised accountants can streamline to a limited AFS licence. The transition period of three years ends on 30 June 2016. Be warned that, as with previous transitional licensing processes, ASIC may publicly state that they will not be able to guarantee that applications will[…]
The accountants’ licensing exemption (Regulation 7.1.29A) currently permits a recognised accountant to recommend the establishment or winding up of an interest in a SMSF without holding an Australian Financial Services (AFS) licence. From 1 July 2016, the accountants’ exemption will be removed. This means that if you wish to continue to provide this advice to[…]
ASIC has expressed strong concerns that Australian Financial Services licensees have not been reporting correctly, or have been waiting too long to report, breaches or potential breaches and have therefore been in contravention of section 912D of the Corporations Act. ASIC has warned licensees that failing to report a significant breach could constitute a criminal[…]
Obtaining an Australian Financial Services Licence can be a challenge. Over the years I have observed that many applicants have been rejected or refused by ASIC, or find themselves struggling to comply after being licensed as they have not thought about the impact of the licence obligations. Below are some important questions that you should[…]
As of 1 July 2014, AFS licensees that are authorised to provide custodial or depository services have had to meet the new net tangible asset (NTA) requirements set out in ASIC class order [CO 13/761]. This is regardless of whether they actually provide such services. However, there appears to be some misconception that licensees only[…]
The accountants’ licensing exemption (Regulation 7.1.29A) currently permits a recognised accountant to recommend the establishment or winding up of an interest in a SMSF without holding an Australian Financial Services (AFS) licence. From 1 July 2016 the accountants’ exemption will be removed. This means that if you wish to continue to provide this advice to[…]
ASIC Regulatory Guides 133 and 166 and implications for Responsible Entities with third party custodians
We recommend that all Responsible Entities (REs) which use external custodians consider whether changes are required to the compliance plans of their registered managed investment schemes in the light of changes to the custodial requirements. This resulted from ASIC class orders [CO 13/761] and [CO 13/1409] which are explained in ASIC Regulatory Guides RG 133[…]
Be warned that ASIC’s strategic plan for 2014-15 will focus on financial advisers and responsible entities operating managed investment schemes. If you are licensed to give financial advice or operate a managed investment scheme, you may be surprised by a surveillance visit from ASIC. Usually, the main aim of an ASIC surveillance visit is to[…]
AML CTF COMPLIANCE Changes to the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No.1) (AML Rules) became effective on 1 June 2014. and introduced new customer due diligence requirements, together with deadlines for complying with these new rules. 1 June 2014 – new customer due diligence requirements Key obligations under the new requirements[…]
Below are notes taken from a meeting at which time ASIC provided information on its activities in assessing participants in the financial services industry. These notes may be of interest to property and mortgage fund managers, platform operators and other holders of Australian financial services licences. 1. During the 2013/14 financial year, ASIC targeted 10[…]
Key Financial Obligations of Market Participants of Security Exchanges, including the Australian Securities Exchange (ASX) Market Participants are required to comply with either the financial requirements of the ASIC Market Integrity Rules or with the ASX’s financial requirements, if they are ASX clearing participants. In either case, similar requirements apply. Two of the areas of[…]
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