According to ASIC’s RG 36 Licensing: Financial product advice and dealing a person could provide securities advice in a number of capacities. This includes monitoring a representative’s compliance when the representative provides their services (paragraphs RG 104.62 to RG 104.72). The general obligations are principles-based and designed to apply in a flexible way. National Recognition and supporting documentation. Consultation papers: seek feedback from stakeholders on matters ASIC is considering, such as proposed relief or proposed regulatory guidance. [14.1]-[14.64]’ in Securities and Financial Services Law (LexisNexis Butterworths, 8th ed, 2012) 515 REGULATORY GUIDE 104: Licensing Meeting the general obligations . Category: AFSL Documents. Minister of Defence; In office 28 October 1951 – 1 March 1952: Preceded by: Manny Shinwell: Succeeded by: The Earl Alexander of Tunis: In office 10 May 1940 – 26 July 1945 • Fully monitored and managed by our Melbourne based team of trained and accredited … ASIC's RG 104 Licensing: Meeting the general obligations. For dedicated scholars of the Australian financial advice industry, “ASIC’s Corporate Plan 2017/18 to 2020/21” makes for some heavy but necessary reading, for within it lies ASIC… Current occupation: Industry: Lending, banking and finance Length of service in industry: 4 and half years RG 104 AFS Licensing; requires having adequate financial resources, arrangements for managing conflict of interest and maintaining competence in the financial services provided. For some time, ASIC’s general guidance for AFSL holders’ risk management systems has been set out in RG 104 with RG 166 setting out ASIC’s requirements for addressing risks relating to an RE having adequate financial resources available to it to provide the financial services covered by its AFSL. • ASIC RG 104 – Licencing: Meeting the general obligations to ensure all representative are trained and competent • ASIC RG 105 – Licencing: Organisational Competence with a specific focus on the requirements of Responsible Managers • ASIC RG 146 – Licencing: Training of financial product advisers • AML/CTF Laws – staff training in relation to money laundering and … Baxt, R, Ashley Black and Pamela F Hanrahan, ‘Securities and Financial Services Law. ASIC RG 255.28. Pages 48 This preview shows page 20 - 22 out of 48 pages. RG 104.1 states that … . Cth Corporations Act and ASIC Regulatory Guide RG 104 RG 105 and RG 175 have. These include: as a person conducting a financial product dealing or a financial product advice business as a representative of a financial product dealer or a financial product adviser as a person with a limited exclusion for certain … ASIC emphasise that it is not enough just to document your measures. Add to cart . ‘Regulatory Guide 209: Credit Licensing: Responsible Lending Conduct.’ Web. Previously there was limited guidance on this, and consequently, ASIC has issued RG 259. For example, if you give personal advice to and Regulations, ASIC’s RG 104 and about half a dozen other regulatory guides, not to mention the Australian or International Standards that are often referred to (this varies if you’re only going to have wholesale clients). ASIC’s RG 104.90 go on to further say that licensees “need to have enough technological resources to enable you to: (a) comply with all of your obligations under the law; (b) maintain client records and data integrity; (c) protect confidential and other information; and (d) meet your current and anticipated future operational needs." RG 259 – Risk management systems of responsible entities Issued March 2017 The Corporations Act requires licencees to have adequate risk mana gement systems in place. RG 105 Licensing: Organisational Competence contains detailed information about who is eligible to be nominated as a Responsible Manager, and ongoing professional development requirements. RG 26 Resignation, removal and replacement of auditors ... We also give guidance about how to apply to ASIC for consent, including what information should be provided with the application. ASIC will publish its regulatory guide on DDO, following consultation on its draft regulatory guide that was released in December 2019. (see RG 104.18–RG 104.19). [Cross-references: ASIC: • RG 16: External administrators: Reporting and lodging; • RG 76: Related party transactions; • RG 94: Unit pricing: Guide to good practice; • RG 109: Assetless Administration Fund: Funding criteria and guidelines; • RG 186: External administration: Liquidator registration.] GRCI believes that should the FMA be interested in providing similar … These are detailed in s912A of the Corporations Act, and ASIC offers regulatory guidance in RG 104 Licensing: Meeting the general obligations. What you need to do to comply . … School Macquarie University ; Course Title AFIN 352; Type. Cth corporations act and asic regulatory guide rg 104. Your business procedures will need to meet the requirements of your proposed licence conditions, the Corporations Act and Regulations, ASIC's RG 104 and about half a dozen other regulatory guides, not to mention the Australian or International Standards that are often referred to (this varies if you're only going to have wholesale clients). Unravelled hub . Refer to RG 104.77–RG 104.84 for details on how training standards in RG 146 align with general obligations. (RG 104.25). Download RG 26 (PDF … ASIC has stated that there is no transitional period for compliance, but they will take a facilitative … Your business procedures will need to meet the requirements of your proposed licence conditions, the Corporations Act and Regulations, ASIC’s RG 104 and about half a dozen other regulatory guides, not to mention the Australian or International Standards that are often referred to (this varies if you’re only going to have wholesale clients). RG 105 outlines what ASIC looks for when considering the organisational … ASIC plans to respond to industry requests for guidance ‘as soon as possible’ Regulatory guidance on client review and remediation – consultation “In Regulatory Guide 104 AFS Licensing: Meeting the general obligations (RG 104), ASIC sets out its expectations that AFS licensees monitor and supervise their representatives pursuant to their general obligations. For more information, see how you apply for relief. In any event, ASIC certainly in describing the advice as being 'without the direct involvement of a human adviser' doesn't try to engage in a kind of retrospective mental gymnastics which would be required to have a human 'consider' the client's personal circumstances. [181.10] Scope A director or officer will contravene the requirements of this … Regulatory Guide 104 : Licensing: Meeting the general obligations (RG 104); (b) Regulatory Guide 108 : No-action letters (RG 108); (c) Regulatory Guide 175 : Licensing: Financial product advisers —Conduct and disclosure (RG 175); (d) Regulatory Guide 221 : Facilitating online financial services disclosures (RG 221); and (e) Regulatory Guide 244 : Giving information, … Additional resources o Australian Investments and Securities Commission [ASIC] (2013) “ASIC’s approach to enforcement”, Information Sheet 151, o ASIC (2021) Regulatory Guide [RG] 1 AFS Licensing Kit: Part 1 – Applying for and varying an AFS licence o ASIC (2021) RG 2 AFS Licensing Kit: Part 2 – Preparing your AFS licence application o ASIC (2017) RG 90 Examples … RG to be published in Q3 2020. AFSL Compliance Manual quantity. This means you need to put them into practice and integrate them into the day-to-day conduct of your business. For this reason, we do not think … We will work with you in customising the document for your AFSL and business requirements. It sets out ASIC’s general approach to the licensee obligations under s912A(1) and ASIC’s policy on particular s912A(1) obligations relating to compliance, risk management, representatives and resources. 2 According to ASIC, the general licensing obligations of RG 104 are not designed to provide security nor protect against credit risk. A Responsible Manager is a key … The AFSL outsourcing procedure template has an easy-to-understand checklists and registers making it easier for your staff to manage, understand the risk and obligations when outsourcing to your external service providers. ASIC Regulatory Guide (RG) 104 Licensing: Meeting the general obligations has within in it key requirements about having staff with sufficient skills and ongoing compliance training. General obligations encompass a range of elements, but broadly include adhering to the conditions of an AFS licence, and complying with financial services laws and regulations. meets the requirements of ASIC’s RG 104 (Licensing: Meeting the general obligations); and; is benchmarked against the Australian Standard on Compliance Programs (ISO 19600). RG 104 outlines what ASIC looks for when it assesses compliance with the general obligations. Tax Practitioners Board Cloud computing requirements. For measures to work effectively in practice, you need people at all levels of your business, … The AMA General Code of Professional Conduct. Related products. Dive into the world of regulatory reform. Licensing: Meeting the general obligations (RG 104) at RG 104.21–RG 104.22, and • in relation to the conduct and disclosure obligations, what you need to do will depend on the service you are providing. Uploaded By Chardy95. (Cth) (Corporations Act) and ASIC Regulatory Guide (RG) 104, RG 105 and RG … RG 104.7 RG 104.8 RG 104.9 RG 104.10 . You also need to fully implement them. that you have arrangements in place to ensure compliance once you are granted a licence. REGULATORY GUIDE 104: Licensing: Meeting the general obligations About ASIC regulatory documents In administering legislation ASIC issues the following types of regulatory documents. Regulatory guides: give … 3 RG 166 Licensing provides for a minimum net … Under RG 104.67 You must: (a) take reasonable steps to ensure that your representatives comply with the financial services laws (s912A(1)(ca)); and (b) if they provide financial services, ensure they … ASIC.0800.0011.1680 . Regulatory Guide 104 Licensing: Meeting the general obligations (RG 104) sets out the general obligations AFS licensees have under the Corporations Act 2001 (Corporations Act). We are a Registered Training Organisation and an ASIC Authorised Assessor, so you can be assured that FEP’s courses comply with ASIC’s requirements (RG 146.87). Note: From 27 July 2020, applications for relief should be submitted through the ASIC Regulatory Portal. Learn more Stay … "One such Regulatory Guide (RG 104) which is entitled 'Licensing: Meeting the general obligations' was produced by AISC as a means to explain what ASIC looks for when they assess compliance with most of the provisions established for the regulation of the Australian financial services industry. ASIC’s regulatory guides (RG), detail its compliance framework requirements: • RG 62 — Better disclosure for investors • RG 68 — New financial reporting and procedural requirements • RG 104 — Licensing: Meeting the general obligations • RG 132 — Managed investments: Compliance plans These RGs are cited under the Optional readings at the end of this module and are … ASIC (RG 104) for Financial Planners. If you decide to outsource it, you will still be involved in the process. will depend on the nature scale and complexity of your business: see Regulatory Guide 104 . Your business procedures will need to meet the requirements of your proposed licence conditions, the Corporations Act and Regulations, ASIC's RG 104 and about half a dozen other regulatory guides, not to mention the Australian or International Standards that are often referred to (this varies if you're only going to have wholesale clients). Trusted Professionals • Simplifying the Complex: We tame the explosive growth in the number of endpoints and interconnected devices. “Further, there … It is evident that licensees have … After the various consultations with industry ASIC determined that a regulatory guide … Notes.
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