Australian Financial Services Licensing (AFSL) Forum

#3109 Reply

If all the moderator does is ‘pass on, publish, distribute or disseminate’ financial product advice of traders within the trading forum, then the moderator should be able to take advantage of an exemption in the Corporations Regulations (Reg 7.1.31) which allows such activities without the need for the moderator (in this case) to be licensed or authorised.  But if the moderator selects, modifies or otherwise exercises control over the content they won’t be able to take advantage of the exemption.

 

If the moderator itself provides any financial product advice on the forum, they will need to be licensed or authorised to provide that advice.  And if any of the readers of the advice are retail clients, the moderator will also need to be RG 146 trained.

 

Author: Michelle Chasser

 

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