It’s time to pay up – AISC’s new funding system

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ASIC’s new fee and levy structure, introduced on 1 July 2017 means that users now pay for most of the regulator’s costs. As of June this year, you’ll need to start providing information to ASIC about your business so they can calculate your levy. Different payment methods and calculations will apply to each industry sector […]

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Are chatbots providing financial services?

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Many financial services businesses now use technology, such as algorithms and chatbots, to help attract and service their customers. While some organisations may create their own chatbot software, most use a third party technology provider. In these cases, generally the software is licensed by the developer to the licensee organisation with or without support services. […]

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The benefits of investing through a bare trust

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One of the ways in which a bare trust can be used is to let a small number of sophisticated or wholesale investors access their investment through one legal entity. This is particularly useful when an investment can only be made by one entity. ‘Single-investor’ models are convenient for a range of investments including shares, […]

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It’s time to change the definition of control

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This is the third article in The Fold’s series on the ASIC Enforcement Review Taskforce’s third Position and Consultation paper on Strengthening ASIC’s licensing powers (the Position Paper). The Position Paper contemplates several changes to the concept of control that will broaden ASIC’s powers and may create more uncertainty for businesses. The concept of group control is […]

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Data breach reporting – are you ready?

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You’ve heard about the new data breach reporting regime, but what exactly is it and what do you need to do to comply? Effective 22 February 2018, if your business is caught by the Privacy Act, you must report a ‘notifiable data breach’ to the Office of the Australian Information Commissioner (OAIC) and affected individuals. […]

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Accountants get the short end of the stick – again

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Ever since the accountants’ limited licence regime was introduced, limited licensees have been at a disadvantage compared to full licensees. Red tape is unnecessarily complicated The application process for limited licensees is unnecessarily onerous. Even full licensees have never had to comply with some requirements, such as the need to make multiple declarations about their […]

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The real cost of excessive payment surcharges

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On 1 September 2017, new restrictions were introduced that prevent businesses from passing on excessive credit card surcharges to their customers. All merchants who offer credit and debit card payment options to their customers cannot charge ‘excessive costs’ when accepting certain credit and debit cards. These rules apply to Visa, Mastercard and American Express credit […]

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When is it fit and proper for ASIC to cancel licences?

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The ASIC Enforcement Review Taskforce released its third Position and Consultation paper in June 2017 (the Position Paper). The paper explores how to strengthen ASIC’s licensing powers. Over the next five posts I’ll outline the good, the bad and the rather ugly consequences of some of the proposed changes and suggest some alternatives. Kicking off the series, […]

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How to use customer information for marketing and referrals

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Organisations often want to use customer information for marketing and to pass it on to third parties with whom they have arrangements such as strategic alliances and referrals. Although it’s not strictly necessary to obtain the customer’s consent to do so, you do need to have notified the customer of how you’ll use or disclose […]

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Global regulation of ICOs

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In the past 2 months, waves of information have rolled in from global regulators about the legal status of ICOs – welcome news to the blockchain community which has been labouring in a sea of uncertainty. Following the early lead of the US Securities & Exchange Commission, regulators in Ontario, Canada, Hong Kong, Singapore and […]

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