http://www.holleynethercote.com.au/HN/AFSLBlog.aspxIf Australian Financial Services Licensing or Australia Credit Licensing is relevant to you, this blog is where you need to be. Participate in discussions about the latest FSR, credit or AML - related topics.en-AUCopyright 2010 Tue, 31 Aug 2010 01:57:38 GMThttp://www.holleynethercote.com.au/site/DefaultSite/filesystem/images/PagePics-HN/Chris-Bookcase.jpghttp://www.holleynethercote.com.au/HN/AFSLBlog.aspxEven if you don’t hold an ACL, you will still need to implement procedures to ensure you don’t provide credit or credit assistance...http://www.holleynethercote.com.au/HN/AFSLBlog/ACLproceduresarerequiredevenifyoudontintendtoholdanACL.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/ACLproceduresarerequiredevenifyoudontintendtoholdanACL.aspxMon, 30 Aug 2010 03:54:16 GMTInstalment warrants are soon to become derivatives, which may mean you need to vary your AFSL. Read our short article to see what it means for your business...http://www.holleynethercote.com.au/HN/AFSLBlog/InstalmentWarrantsBecomingDerivativesShouldyouvaryyourAFSlicence.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/InstalmentWarrantsBecomingDerivativesShouldyouvaryyourAFSlicence.aspxWed, 18 Aug 2010 02:11:33 GMTWe'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. http://www.holleynethercote.com.au/HN/AFSLBlog/ResponsibleManagersDontGetUp.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/ResponsibleManagersDontGetUp.aspxThu, 29 Jul 2010 00:26:10 GMTThe “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”. http://www.holleynethercote.com.au/HN/AFSLBlog/GoodbyeTradePracticesActHelloCompetitionandConsumerAct2010.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/GoodbyeTradePracticesActHelloCompetitionandConsumerAct2010.aspxWed, 21 Jul 2010 04:18:55 GMTASIC 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.http://www.holleynethercote.com.au/HN/AFSLBlog/UpdatedRG165-InternalDisputeResolutionprocedurerequirements.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/UpdatedRG165-InternalDisputeResolutionprocedurerequirements.aspxWed, 30 Jun 2010 03:08:31 GMTASIC 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...http://www.holleynethercote.com.au/HN/AFSLBlog/CompensationandinsurancearrangementsasummaryofthenewRegulat.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/CompensationandinsurancearrangementsasummaryofthenewRegulat.aspxTue, 18 May 2010 01:14:22 GMTOn 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.http://www.holleynethercote.com.au/HN/AFSLBlog/FutureofFinancialAdviceReforms.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/FutureofFinancialAdviceReforms.aspxMon, 03 May 2010 00:31:41 GMTThe 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.http://www.holleynethercote.com.au/HN/AFSLBlog/Creditregulationsreleased.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/Creditregulationsreleased.aspxTue, 13 Apr 2010 23:59:39 GMTDon’t forget! Applications for registration must be lodged with ASIC between 1 April 2010 and 30 June 2010. http://www.holleynethercote.com.au/HN/AFSLBlog/Readytoregisterforcredit.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/Readytoregisterforcredit.aspxTue, 30 Mar 2010 00:54:59 GMTASIC 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.http://www.holleynethercote.com.au/HN/AFSLBlog/ResponsiblelendingobligationsasummaryofthenewRegulatoryGuid.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/ResponsiblelendingobligationsasummaryofthenewRegulatoryGuid.aspxWed, 24 Mar 2010 05:18:18 GMTThere’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)...http://www.holleynethercote.com.au/HN/AFSLBlog/ResponsibleManagerCoursenowavailableonline.aspxPaul Derhamhttp://www.holleynethercote.com.au/HN/AFSLBlog/ResponsibleManagerCoursenowavailableonline.aspxTue, 26 Jan 2010 22:10:29 GMTASIC’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.http://www.holleynethercote.com.au/HN/AFSLBlog/GeneralconductobligationsofcreditlicenseesanoverviewofRG205.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/GeneralconductobligationsofcreditlicenseesanoverviewofRG205.aspxFri, 22 Jan 2010 04:44:19 GMTASIC 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.http://www.holleynethercote.com.au/HN/AFSLBlog/HowtoapplyforanACLasummaryofthenewRegulatoryGuide204.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/HowtoapplyforanACLasummaryofthenewRegulatoryGuide204.aspxMon, 11 Jan 2010 01:03:00 GMTASIC has just released guidance on the registration process. Here is a summary of ASIC’s guidance and what else we know so far.....http://www.holleynethercote.com.au/HN/AFSLBlog/HowtoregisterforanAustralianCreditLicence.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/HowtoregisterforanAustralianCreditLicence.aspxFri, 08 Jan 2010 05:09:13 GMTOn 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. http://www.holleynethercote.com.au/HN/AFSLBlog/ASICReleasesGuidanceonMarginLendingLaws.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/ASICReleasesGuidanceonMarginLendingLaws.aspxFri, 11 Dec 2009 03:43:50 GMTOn 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.http://www.holleynethercote.com.au/HN/AFSLBlog/CreditregulationsandASICguidanceoutTimeforcommentin.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/CreditregulationsandASICguidanceoutTimeforcommentin.aspxMon, 07 Dec 2009 04:20:26 GMTThe 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.http://www.holleynethercote.com.au/HN/AFSLBlog/PJCRecommendations1pagemindmapsummary.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/PJCRecommendations1pagemindmapsummary.aspxWed, 25 Nov 2009 00:53:32 GMTGet 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. http://www.holleynethercote.com.au/HN/AFSLBlog/Creditreformstageonecomplete.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/Creditreformstageonecomplete.aspxFri, 06 Nov 2009 01:08:30 GMTThe 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. http://www.holleynethercote.com.au/HN/AFSLBlog/Responsiblelendingwhatdoesitmean1.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/Responsiblelendingwhatdoesitmean1.aspxFri, 23 Oct 2009 01:35:58 GMTThis 1-page summary of the Margin Lending reforms incorporates developments which have recently been announced.http://www.holleynethercote.com.au/HN/AFSLBlog/UpdatedSummaryoftheMarginLendingReforms.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/UpdatedSummaryoftheMarginLendingReforms.aspxThu, 22 Oct 2009 23:49:32 GMTView or download our one-page summary which outlines FOS’s interpretation of what constitutes suitable investment advice, appropriate product research, and ongoing review requirements for financial planners. http://www.holleynethercote.com.au/HN/AFSLBlog/TheBasisofResearch-BasisCapitalFOSdecisionunpacked.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/TheBasisofResearch-BasisCapitalFOSdecisionunpacked.aspxWed, 21 Oct 2009 00:15:51 GMTThe Government has announced more changes to the Consumer Credit Laws, so we have summarised them for you and updated our 1-page mind map of the proposed legislation. http://www.holleynethercote.com.au/HN/AFSLBlog/MoreChangestotheConsumerCreditLaws.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/MoreChangestotheConsumerCreditLaws.aspxFri, 25 Sep 2009 04:16:48 GMTThe government has changed a lot of dates which will affect when you need to register and apply for an ACL. http://www.holleynethercote.com.au/HN/AFSLBlog/CommencementofConsumerCreditReformsdelayed.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/CommencementofConsumerCreditReformsdelayed.aspxMon, 21 Sep 2009 23:51:43 GMTNow! Do you need an ACL? We can help you determine whether you will need an Australian Credit Licence (ACL). http://www.holleynethercote.com.au/HN/AFSLBlog/Creditsqueeze-Keydatesforcreditreform.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/Creditsqueeze-Keydatesforcreditreform.aspxMon, 14 Sep 2009 01:03:05 GMTWe get lots of questions about monitoring and supervising representatives (including authorised representatives) of AFS licensees.http://www.holleynethercote.com.au/HN/AFSLBlog/MonitoringandSupervisingAFSLRepresentativesWhoDoesWhatWhena.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/MonitoringandSupervisingAFSLRepresentativesWhoDoesWhatWhena.aspxThu, 20 Aug 2009 06:12:11 GMTThe Government has amended some elements of the new consumer credit regime. We've revised our MindMap which updates our 1-page summary of the new regime.http://www.holleynethercote.com.au/HN/AFSLBlog/AustralianConsumerCreditlegislationUpdate.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/AustralianConsumerCreditlegislationUpdate.aspxThu, 06 Aug 2009 05:04:54 GMTWe've put together a summary of the margin lending reforms, in 1 page. It explains the obligations on lenders (and their responsible lending obligations) and advisers (and their SOA and FSG obligations). If you have any questions, just add your comment on the blog.http://www.holleynethercote.com.au/HN/AFSLBlog/MarginLendingReform-1-PageA3MindmapSummary.aspxPaul Derhamhttp://www.holleynethercote.com.au/HN/AFSLBlog/MarginLendingReform-1-PageA3MindmapSummary.aspxTue, 26 May 2009 22:55:21 GMTDo you need an ACL? Read our 1-page mind map to see information about what is and what is not an ACL, as well as timelines, licensee obligations, penalties and more.http://www.holleynethercote.com.au/HN/AFSLBlog/1-pagesummaryofproposedAustralianCreditLicencelaws.aspxPaul Derhamhttp://www.holleynethercote.com.au/HN/AFSLBlog/1-pagesummaryofproposedAustralianCreditLicencelaws.aspxMon, 18 May 2009 01:07:13 GMTBy mid-2009, if you provide consumer credit, you will need to be on top of a whole bunch of new laws. Investment loans, margin lending, reverse mortgages, credit cards and more will be affected. Read on to find out more.http://www.holleynethercote.com.au/HN/AFSLBlog/NeedanAustralianCreditLicenceCreditreformfinallyannounced.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/NeedanAustralianCreditLicenceCreditreformfinallyannounced.aspxMon, 27 Apr 2009 14:00:00 GMTFrom 1 July 2010, expect a new financial product on the scene – the carbon permit. The Federal Government has flagged its policy on carbon permits. It intends that they will be “financial products” within the meaning of the Corporations Act 2001 and will be regulated by ASIC. Various modifications to the Act may be necessary.http://www.holleynethercote.com.au/HN/AFSLBlog/Complianceandcarbonpermits.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/Complianceandcarbonpermits.aspxWed, 04 Feb 2009 13:00:00 GMTComplaints by investors are on the rise. The motivation to complain is provided by falling investment returns. The target of the complaints is increasingly the financial adviser. Whether or not there is any justification to the complaint it will facilitate an early and satisfactory resolution if advisers are polite to the client and follow their internal dispute resolution process. It's a good time to brush up on it. Advisers who have kept a good paper trail showing the basis for their advice should be well placed to respond to any complaints.http://www.holleynethercote.com.au/HN/AFSLBlog/Defendcomplaintsbyknowingyourproduct.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/Defendcomplaintsbyknowingyourproduct.aspxSun, 18 Jan 2009 13:00:00 GMTYou might be asking “I’m an AFSL holder and I only provide designated service 54 (i.e. arrange for others to receive a designated service). Do I need to comply with the Ongoing Customer Due Diligence (OCDD) requirements from 12 December, 2008?”http://www.holleynethercote.com.au/HN/AFSLBlog/On12DecemberdoIhaveanynewAnti-MoneyLaunderingorCounter-Terrorism.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/On12DecemberdoIhaveanynewAnti-MoneyLaunderingorCounter-Terrorism.aspxMon, 01 Dec 2008 13:00:00 GMTIn an industry packed full of TLAs (Three-Lettered Acronyms) you may be tempted to use some four-lettered words instead. This blog provides a refresher as to WHEN you (or your advisers) should use WHAT disclosure document in the Australian licensing regime.http://www.holleynethercote.com.au/HN/AFSLBlog/WhenToGiveWhat–SOASOAAROAIBR-ROA“Hold”ROA…blahblahblah.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/WhenToGiveWhat–SOASOAAROAIBR-ROA“Hold”ROA…blahblahblah.aspxMon, 17 Nov 2008 13:00:00 GMTAdvisers cannot blindly rely on their APL, according a recent tribunal decision.http://www.holleynethercote.com.au/HN/AFSLBlog/AreadvisersexpectedtodotheirownresearchorcantheyjustrelyontheirA.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/AreadvisersexpectedtodotheirownresearchorcantheyjustrelyontheirA.aspxThu, 13 Nov 2008 13:00:00 GMTFor accountants and advisers. Navigate your way through the minefield of Financial Services Regulation (FSR) obligations.http://www.holleynethercote.com.au/HN/AFSLBlog/AccountantsandFinancialPlanners-whatyoucanandcantdoundertheAustr.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/AccountantsandFinancialPlanners-whatyoucanandcantdoundertheAustr.aspxWed, 23 Jul 2008 14:00:00 GMTYou need to remove references in your PDS and FSG to your old dispute resolution scheme, and refer to the new one – the Financial Ombudsman Service. http://www.holleynethercote.com.au/HN/AFSLBlog/DisputeResolutionSchemes–Whatdolicenseeshavetodo.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/DisputeResolutionSchemes–Whatdolicenseeshavetodo.aspxWed, 25 Jun 2008 14:00:00 GMTAs soon as your RG 126-compliant PI kicks in, your FSG needs to use special wording. For most AFS licensees who deal with retail clients, the start-date is 1 July 2008.http://www.holleynethercote.com.au/HN/AFSLBlog/ReferringtoProfessionalIndemnityInsurance(PI)inyourFSG.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/ReferringtoProfessionalIndemnityInsurance(PI)inyourFSG.aspxWed, 25 Jun 2008 14:00:00 GMTWe have found that insurers are finding it difficult to help AFSL holders to obtain P.I. insurance that meets the requirements in ASIC's RG 126.http://www.holleynethercote.com.au/HN/AFSLBlog/ProfessionalIndemnity(PI)challengesforAFSlicensees.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/ProfessionalIndemnity(PI)challengesforAFSlicensees.aspxTue, 18 Mar 2008 13:00:00 GMTWhen you provide personal advice to a retail client again (ie. not for the first time), and you traditionally would have needed to provide a Statement of Additional Advice (SOAA), is it now time to “make the move” and just provide a Statement of Advice – Incorporation by Reference (SOA – IBR)?http://www.holleynethercote.com.au/HN/AFSLBlog/IncorporationbyreferencevsSOAA.aspxhttp://www.holleynethercote.com.au/HN/AFSLBlog/IncorporationbyreferencevsSOAA.aspxFri, 29 Feb 2008 00:56:50 GMT