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WHY ASIC IS STOPPING ICOs. 18 Oct 2018
ASIC has recently stopped a number of retail initial coin offerings (http://mobile.abc.net.au/news/2018-09-20/asic-warns-on-cryptocurrency-scams/10286528) and token generation events (ICOs), has taken action in respect of a completed ICO and has even issued a stop order on a PDS for a crypto fu ..
FOS / AFCA TRANSITION INVOLVES MUCH WORK FOR AFS LICENSEES. 27 Sep 2018
By now, all credit and financial services licensees, and superannuation trustees must have joined AFCA. But don’t overlook the additional work required to effectively transition from your existing external dispute body to AFCA by 1 November 2018. The two key things you need to do are: #1 ..
5 WAYS TO FUTURE-PROOF BUY/SELL AGREEMENTS. 24 Sep 2018
Every small or medium-sized business needs a Buy/Sell Agreement. They outline what will happen if there is an unexpected event - like one of the shareholders dies or has to leave the business for serious health reasons. Like a will, the agreement can give the parties to it peace of mind and help ..
IT’S TIME TO REFINE CROWD-SOURCED EQUITY FUNDING. 19 Sep 2018
In September last year, ASIC introduced its new equity crowdfunding regime with much fanfare. Just 12 months later it looks over-hyped and under-utilised. We thought it would become a serious alternative to traditional forms of capital raising like IPOs and venture capital investment. New Ze ..
RMs, CHANGE OF CONTROL AND THE QUESTION OF COMPETENCE. 06 Sep 2018
A change of control of an AFS licensee or credit licensee is not presently subject to approval by ASIC. The ASIC Enforcement Review Taskforce has recommended that this be addressed in its third Position and Consultation paper (https://treasury.gov.au/consultation/strengthening-asic-licensing-pow ..
BUSINESS LENDING UNFAIR CONTRACTS. 21 Jun 2018
Small business lenders are in the spotlight following ASIC’s report on unfair contract terms in small business loans. With ASIC setting clear expectations about how small business lenders will amend their contracts, it’s important to get this right. Who is protected? A small business emp ..
THE FOLD WINS AT THE 2018 FINNIE AWARDS. 21 Jun 2018
We love all our clients, but it’s especially fun to work with innovators and entrepreneurs. That’s why we’re thrilled to have been named a winner at the 2018 Finnie Awards (https://fintechaustralia.org.au/finnies-18/) in the category of Excellence in FinTech Support Services – Professional Servi ..
SME CREDIT PROVIDERS NEXT IN LINE FOR ASIC SCRUTINY. 06 Jun 2018
Although recent ASIC enforcement action and the Royal Commission have predominantly focused on the lending practices of the major banks, it would be foolhardy to assume that non-bank lenders are not a focus. Patterns emerging teach us that they are the next focus. How do we know this? W ..
SME PLANNERS, ACCOUNTANTS & LIFE ADVISERS NEXT IN LINE FOR ASIC SCRUTINY. 28 May 2018
Although recent ASIC enforcement action and the Royal Commission have predominantly focused on the major banks and AMP, it would be foolhardy to assume that non-bank advice firms are not a focus. Patterns emerging teach us that you are the next focus. How do we know this? Well, ASIC’s mo ..
CHANGES TO ASIC LICENSING. 22 May 2018
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  ..
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