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ACCOUNTANTS GET THE SHORT END OF THE STICK—AGAIN. 16 Nov 2017
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  ..
THE REAL COST OF EXCESSIVE PAYMENT SURCHARGES. 01 Nov 2017
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 a ..
WHEN IS IT FIT AND PROPER FOR ASIC TO CANCEL LICENCES? 11 Oct 2017
The ASIC Enforcement Review Taskforce released its third Position and Consultation paper (https://treasury.gov.au/consultation/strengthening-asic-licensing-powers/) in June 2017 (the Position Paper). The paper explores how to strengthen ASIC’s licensing powers. Over the next five posts I’ll outl ..
HOW TO USE CUSTOMER INFORMATION FOR MARKETING & REFERRALS. 05 Oct 2017
Sharing Client Information 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 ..
CAPITAL RAISING - BETWEEN SEED AND SERIES A 03 Oct 2017
As the start-up sector matures, capital raising opportunities are increasingly available at the crucial transition stage between seed and series A. This blog looks at the options and traps to be wary of to avoid hindering future growth and capital raising opportunities. Capital raising opti ..
ASIC SHINES LIGHT ON MDA CHANGES. 29 Sep 2017
ASIC has recently provided welcome clarity on a number of issues raised by The Fold Legal in conjunction with IMAP regarding the MDA regulatory changes - which will be welcome to MDA providers who’ve been working hard to meet the 1 October 2017 deadline. Here’s a thumbnail summary. Exte ..
GLOBAL REGULATION OF ICOS. 29 Sep 2017
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 ..
UNLICENSED ACCOUNTANTS ASKED TO “PLEASE EXPLAIN”. 15 Sep 2017
ASIC is sending “please explain” letters to accountants they believe may be in breach of financial services laws. For some time, ASIC has hinted that they will monitor unlicensed accountants activities and they’ve now followed through with the help of some new technological weapons. It appe ..
RECRUITMENT CHOICES CAN AFFECT YOUR COMPLIANCE. 08 Sep 2017
Employing someone with a conviction or bankruptcy can jeopardise compliance with an Australian Financial Services (AFS) licensee’s obligations. ASIC can ban any person it considers to not be of ‘good fame and character’. It can suspend an AFS licence if a significant representative of a lic ..
LICENCES AND RESPONSIBLE MANAGERS FOR SALE. 31 Aug 2017
A thriving secondary market for AFS licences, credit licences and Responsible Managers (https://www.thefoldlegal.com.au/blog/responsible-managers) exists in Australia. Foreign exchange businesses can command ludicrously high sums for AFS licences for these rare and hard-to-get authorisation ..
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