Industry Funding Model for ASIC

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[…]

RESPONSIBLE MANAGERS – ASIC ASSESSMENT

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’S Wish List for Standards of Behaviour

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[…]

RECENT COURT DECISIONS: CLIENTS BEWARE!

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[…]