Australian Financial Services Licensing (AFSL) Forum

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#4736 Reply

David Court
Member

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

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