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[…]
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[…]