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

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23 May 2018

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

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02 May 2018

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

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18 Apr 2018

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

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05 Apr 2018

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

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20 Mar 2018

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.

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05 Mar 2018

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

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02 Feb 2018

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

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19 Jan 2018

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

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17 Nov 2017

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

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07 Nov 2017