Australian Financial Services Licensing (AFSL) Forum

#4176 Reply

Chris G

Subsection 1(b) is a bit onerous considering the widespread use of Google and unknown algorithms they use. Oh well I guess the blog will be not for profit for a long time anyways (only thing i would consider is something terribly low in profit like Google Ads anyways). I’m actually overseas atm but will hopefully return to Australia sometime in the next year or 2, might be worth checking out some of the laws OS and basing the website offshore. Once again 911D 1(b) is ridiculous for online websites (IE ASIC could sue the majority of such websites?) but I guess they wouldn’t pursue a website based in a 3rd world country.

911D When a financial services business is taken to be carried on in this jurisdiction
(1) For the purposes of this Chapter, a financial services business is taken to be carried on in this jurisdiction by a person if, in the course of the person carrying on the business, the person engages in conduct that is:
(a) intended to induce people in this jurisdiction to use the financial services the person provides; or
(b) is likely to have that effect;
whether or not the conduct is intended, or likely, to have that effect in other places as well.
(2) This section does not limit the circumstances in which a financial services business is carried on in this jurisdiction for the purposes of this Chapter.

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