Changes to ASIC licensing

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At a liaison meeting between ASIC and professional licensing consultants in March this year, we were warned not to expect a return to the good ol’ days of 2 month turnarounds on AFS and credit licence applications – ever! It seems that ASIC considers 6 months to be an acceptable minimum. Here’s why. According to […]

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Leverage insurance to negotiate fairer contracts

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In November 2016, the Australian Consumer Law (ACL) introduced new protections for small business. These prevent (often larger) businesses from trying to rely on unfair contract terms. The Federal Court recently decided the first court case on this legislation. The case involved waste management giant, JJ Richards1. This case confirmed that many large businesses have […]

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It’s AML-CTF review time

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AUSTRAC is serious about anti-money laundering and counter terrorism (AML-CTF). Just take a look at their recent actions against the Commonwealth Bank of Australia. Any business that has an AML-CTF Program must have it reviewed regularly. This now includes digital currency exchanges. Who can do this review depends on whether your business has a Part A or […]

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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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