As an AFS Licensee or a participant of an exchange, you have an obligation to implement and maintain internal controls that ensure that you comply with laws, rules and regulations applicable to you. These obligations also extend to your Authorised Representatives and thus as an AFS Licensee you need to ensure that all of your Authorised Representatives meet these requirements.

We specialise in conducting customised compliance reviews which specifically target the nature of your operations. Our objective is to:

• identify your compliance and regulatory obligations;
• assess your policies and procedures (both documented and informal);
• review the practices and process you have implemented; and
• provide recommendations on what you can improve in order to ensure you are compliant and meet the minimum standards applicable to you.

Upon completion of the review we will issue a report, discuss your requirements and then you can decide whether you require further assistance in implementing any of the recommendations made.

These reviews can be conducted as often as you like and will always include a follow-up of outstanding matters if more than one review is conducted.

These reviews can be specifically designed to assess the operations of your Authorised Representatives.

Contact us for more information.

Applying for an AFS Licence or Membership to an Exchange can be a complicated and drawn out process. Most regulators try to make the process as simple as possible but in order to properly assess your application they need to have a full and complete understanding of your operations and the experience and knowledge of your nominated key personnel.

The preparation of the supporting documentation can be tedious and time consuming so sometimes it’s easier and more economical to outsource.

We have extensive experience in preparing and submitting AFS Licence Applications and ASX24 Membership Applications. Our involvement in the process is defined by you, which can be as much as preparing the entire application, submitting it and liaising with the regulator on your behalf or as little as proof reading documents prepared by you.

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We offer the following compliance administration services which can assist you in ensuring that you meet your compliance requirements on an ongoing basis:

• documentation and implementation of manuals, policies and procedures;
• review of disclosure documents to ensure that the minimum requirements defined by ASIC have been incorporated;
• maintaining registers and ensuring that appropriate reporting programs are in place;
• assisting with the resolution of complaints and maintenance of internal records; and
• conducting due diligence process of proposed Authorised Representatives and staff.

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An AFS Licensee must be registered with AUSTRAC as a reporting entity if it is providing a designated service to clients or making an arrangement for a person to receive a designated service that is also a financial service.

If you are an AFS Licensee and require assistance in this area we offer the following services:

• documentation and implementation of AMLCTF Compliance Programs; and
• conducting independent reviews of AMLCTF Compliance Programs.

If you are not an AFS Licensee and require assistance in this area we have relationships with other service providers that specialise in this field and may be able to assist you.

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If you hold an AFS Licence that authorises you to provide MDA Services to clients then you need to ensure that you comply with the requirements set out in ASIC Regulatory Guide RG179 titled Managed Discretionary Account Services.

When providing MDA Services to your clients you need to ensure that:

• you meet the periodic reporting requirements to your clients;
• you issue an Annual Investor Statement to your clients; and
• that you accurately document and calculate the fees that you charge to your clients.

We have extensive experience in providing administration services to providers of MDA Services. If you require assistance in this area please contact us.

Contact us for more information.