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.
29 July 2010
We'll deliver the online training straight to you through your desktop PC. It includes participation and even a mock ASIC examination. The next course is scheduled for 13 October 2010.
21 July 2010
The “Trade Practices Act” that we have come to know and love is having a face lift and changing its name! Under Schedule 5of the Trade Practices Amendment (Australian Consumer Law) Act (No.2) 2010, we are told that the so familiar Trade Practices Act will soon be referred to as the “Competition and Consumer Act 2010”.
30 June 2010
ASIC has updated Regulatory Guide (RG) 165 Licensing: Internal and External Dispute Resolution which now, in addition to AFSL holders, will also apply to ACL holders. Read our one-page mind map summary which summarises your obligations.
18 May 2010
ASIC has released Regulatory Guide (RG) 210 which explains the compensation and insurance obligations of credit licensees. Read our one page mind map summary which summarises your obligations. We also give you a time-saving tip...
3 May 2010
On 26 April Chris Bowen released a media statement, entitled “Overhaul of Financial Advice”, giving details of the Future of Financial Advice reforms. The statement contains a number of reforms following on from the Ripoll Enquiry, many of which are significant.
14 April 2010
The Regulations to the National Consumer Credit Reform package were finalised last month. Read on to find out what key changes were made to the Regulations, and how they affect you.
30 March 2010
Don’t forget!
Applications for registration must be lodged with ASIC between 1 April 2010 and 30 June 2010.
24 March 2010
ASIC has released Regulatory Guide (RG) 209 which explains the responsible lending conduct obligations of credit licensees. Read our one page mind map summary which summarises your obligations.
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.