This blog provides practical updates about laws relating to:
- Australian Financial Services Licensing (AFSL)
- Australian Credit Licensing (ACL)
- Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF).
If you're in financial services and want short, crisp, free updates, then subscribe now (on the right of the screen).
The authors of this blog are lawyers of
Holley Nethercote Commercial Lawyers Melbourne.
27 January 2010
There’s a few positions available for Compact's first interactive online Responsible Manager course. It’s an online version of the existing face-to-face course, and is designed for Responsible Managers of AFS Licensees; Compliance Managers who need to understand the role of Responsible Managers; and people nominated as Responsible Managers (but who are required by ASIC to undertake training like this before ASIC will allow them to be Responsible Managers).
Please forward this on, or register now (it's less than a week away)...
22 January 2010
ASIC’s Regulatory Guide RG 205 provides an overview of the general conduct obligations of credit licensees, as outlined in section 47(1) of the National Consumer Credit Protection Act 2009 (Cth). Here is a summary of ASIC’s guidance and what you need to do to comply.
11 January 2010
ASIC has released Regulatory Guide (RG) 204 which details the when, who, what and how much of applying for an ACL. ASIC will review all applications and will decide whether to grant your ACL. So, read ASIC’s guidance! Easier yet, read our one page mind map summary.
8 January 2010
ASIC has just released guidance on the registration process. Here is a summary of ASIC’s guidance and what else we know so far.....
11 December 2009
On 8 December 2009, ASIC updated a number of regulatory guides to provide guidance on the margin lending reforms. They provide guidance on the licence application and variation process, training requirements and financial resources requirements.
7 December 2009
On 20 November 2009, the draft Regulations and explanatory material to the National Consumer Credit Reform package were released for public comment. Submissions are open until 11 December 2009. Read on to find out what the regulations cover.
25 November 2009
The Parliamentary Joint Committee on Corporations and Financial Services have released the long awaited report on their inquiry into financial products and services. We’ve put together a 1 page summary of their recommendations.
6 November 2009
Get ready! Phase one of the Government’s national consumer credit reform package has been passed by the Senate and is awaiting Royal Assent by the Governor General.
23 October 2009
The National Consumer Credit Bill introduces responsible lending obligations for ACL holders. ASIC has released draft guidance on how both credit providers and credit assistance providers can meet the responsible lending obligations.
23 October 2009
This 1-page summary of the Margin Lending reforms incorporates developments which have recently been announced.