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ASIC CRACKS DOWN ON LATE LODGEMENTS. 12 Aug 2014
ASIC is on the warpath against licensees who fail to comply with their annual reporting obligations. In the past year alone, the regulator has cancelled eight Australian Financial Services Licences, suspended two licensees, with another seven currently under review. AFS licensees are requir ..
BITCOIN REGULATION. 11 Aug 2014
Despite it’s somewhat shaky start as a payment system for drug dealers and other nefarious activities, Bitcoin is rapidly becoming part of the mainstream. It’s one of the fastest-growing technologies since the birth of the Internet, primarily because it offers a low-fee payment gateway that ..
NEW AML/CTF RULES. 16 Jul 2014
From 1 June 2014, new AML/CTF Rules require ‘reporting entities’ to implement enhanced customer identification procedures. Here’s a quick summary of the new requirements and what you need to do about them. What's New? What to do? The good news is that AUSTRAC won’t be enfo ..
UN-FEAR CONTRACT TERMS. 09 Jul 2014
You’re a small business, trying to get ahead whilst managing your risk. Yet time and time again you’re faced with the choice – sign an unfair contract or lose the work! Large corporations often use standard form contracts containing unfair terms which go beyond what is reasonably necessary  ..
HOLDING MONEY FOR UNCONTACTABLE CLIENTS. 02 Jul 2014
You’re holding money for a client, and after taking reasonable steps, you can’t locate the client. What should you do? It could be anything - a refund of an insurance premium or fees, an insurance claims payment. Literally any money that’s been sent to you, but belongs to your client. B ..
THE FOLD GOES TO SUPANOVA. 24 Jun 2014
Who knew our senior lawyer, Jaime Lumsden leads a double life as an epic fantasy fiction writer? And that our media manager Lydia Kurnia - moonlights as a fantasy digital artist! Far more valuable than anything a mere X-Man has to offer, their creative ‘superpowers’ also translate into inno ..
THE WHO, WHAT & WHY OF DISCRETIONARY MUTUALS. 16 Jun 2014
Large corporate groups and local government authorities who are enjoying low loss ratios but being slugged with high premiums might be well advised to consider establishing a discretionary mutual. Used in Australia for many years, discretionary mutuals are an acceptable form of alternative  ..
WHOLESALE MYTHOLOGY NUMBER 2. 10 Jun 2014
It’s common for advisers to class their clients as ‘sophisticated’, but just how sophisticated are they? Refresh your knowledge of the rules with our quick quiz. Which of the following is a sophisticated client: William has won the lottery and wants to invest $600k in a managed fund? K ..
5 LAWYER TRAITS TO LOOK FOR. 02 Jun 2014
Our last blog (https://www.thefoldlegal.com.au/blog/6-lawyer-types-to-avoid) looked at what to avoid - or run a mile from – when choosing a lawyer. Here are 5 key qualities that you should require in your lawyer. We call it ‘applied law’. Read on to see why…. Spirit of the Law  ..
HOW MANY LICENCES ARE ENOUGH. 29 May 2014
You offer a range of range of financial services through a number of different entities, all of which are supported by a service company. So how many AFS licences do you need and which employees need to be appointed as ARs? Number of Licences Essentially, there are 2 alternatives: E ..
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