Anti-Money Laundering and Counter-Terrorism Financing

This topic contains 1 reply, has 2 voices, and was last updated by  David Court 3 months, 3 weeks ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #5331 Reply

    Tom

    I am looking to start up an unregistered managed investment fund purchasing stocks on the ASX. It’s only for my friends and family and will be spread only by word of mouth. It will have about 7 people in it including myself and each will contribute 550k. I will manage the day to day running of the fund. My question is would I need an AFSL?

    #5332 Reply

    David Court
    Member

    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.

     

    Authors: David Court and Hugo Sasse.

Viewing 2 posts - 1 through 2 (of 2 total)

Reply

Reply To: Do I need an afsl

Your information:


<a href="" title="" rel="" target=""> <blockquote cite=""> <code> <pre> <em> <strong> <del datetime=""> <ul> <ol start=""> <li> <img src="" border="" alt="" height="" width="">

  • Free answers to common Financial Services Regulation (FSR), Consumer Credit and AML/CTF issues.

    Click here to join our LinkedIn group for responsible managers and compliance professionals.
    joinUsOnLinkedIn
  • trex

    Tailored Regulatory Exchange

    what is this and does it bite ?

    Find OutLogin

  • Legal Advice

    Review your AFSL or ACL disclosure documents, conduct a licensee audit and more…

    Get Legal Advice

  • Compliance support

    Responsible Manager Training, AFSL, and ACL applications and variations and more…

    Compliance support