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An AFSL is needed whenever a person provides a financial service, which includes issuing a financial product. An MIS is a financial product unless it has less than 20 members and it is not promoted by a person (or an associate of a person) who is in the business of promoting managed investment schemes. .
The promoter issue is a difficult one and will depend on who promotes the scheme, who their associates are, and what business activities they engage in.
Please feel free to contact our financial services team if you would like further assistance.
Author: David Court (Partner)
Co-contributor: Hugo Sasse (Law Clerk)