From 1 July 2021, providers of debt management services (including firms offering ‘debt negotiation’ or ‘credit repair’ services) are regulated under the National Consumer Credit Protection Act 2009 (National Credit Act). This means providers of these services must: hold a credit licence with an authorisation that covers those services (or act as a representative of […]
Debt management licensing regime has commenced Read More »
Regulated foreign firms can now operate in the country until March 31, 2023, without a local license. The Australian Securities and Investments Commission (ASIC) announced on Friday the extension of temporary relief for all foreign financial service providers (FFSPs) that will allow them to operate in the country without an Australian Financial Services (AFS) license.
ASIC Extends Licensing Relief to Foreign Financial Service Providers Read More »
The Australian regulator mentioned that the ban will take effect from 3 May 2021. The Australian Securities and Investments Commission (ASIC), announced today that it has decided to ban the sale of binary options to retail traders in Australia. During ASIC’s reviews in 2017 and 2019, the regulatory authority found that around 80% of retail
ASIC Bans Binary Options for Australian Retail Clients Read More »
The new leverage levels will become effective on March 29, 2021. The Australian Securities and Investments Commission (ASIC) is going to implement restrictions on the retail contract for difference (CFDs) market. Their impact on the trading market can be huge as the leverage levels will be restricted up to 30:1 from the usual existing offerings
Aussie Brokers Welcome ASIC Restrictions Despite Expected Volume Dip Read More »
ASIC has today released a consultation paper on proposed updates to Regulatory Guide 256: Client review and remediation conducted by advice licensees. Consultation Paper 335 Consumer Remediation: Update to RG 256 (CP 335) includes clarification of RG 256’s application to all financial services licensees, credit licensees and superannuation trustees. Announcing the consultation, Acting Chair Karen Chester said, “Putting money back in
ASIC consults on consumer remediation guidance Read More »
Dealing with sophisticated clients is permitted without an AFS license. Increasingly CFD and FX dealers are looking to provide financial services in highly-regulated jurisdictions. Many of these dealers are unaware that Australia offers a little-known exemption to the financial services licensing requirements. Under the Corporations Regulations 2001 (Reg 7.6.02AG), foreign CFD and FX brokers do
AFS License Not Required by Foreign Brokers to Deal with Professional Clients Read More »