Hi Trish,
Thanks for your question.
To determine whether you need an AFSL you must first consider whether you are operating a “financial service business”. You will provide a financial service if you provide financial product advice, deal in a financial product or provide a custody service (among other things) in Australia. For further details see ASIC’s Regulatory Guide 36 (RG 1).
It is likely that your unit trust will be classified as a managed investment scheme (MIS) under the Corporations Act.
Conducting a business of operating a MIS will require the trustee to hold an AFSL.
For further information please contact our Financial Services Team.
Author: David Court
Co-Contributor: Tamara Cherny and Greta Walters
