Appropriate
AFSL
for
fund
managers
and
operators
of
registered
schemes?
Appropriate
AFSL
for
fund
managers
and
operators
of
registered
schemes?
All
retail
fund
managers
must
obtain
an
AFSL
with
an
authorisation
to
operate
a
registered
scheme,
together
with
authorisations
to
provide
advice,
and
deal
in
the
relevant
products,
for
retail
and/or
wholesale
clients.
What
is
the
process
for
applying
for
an
AFSL
–
authorisation
in
operating
a
registered
scheme?
1. Lodgement
of
the
electronic
application
on-line
with
ASIC
(hard
copy
and
proofs
to
be
lodged
within
20
days
of
finalising
on-line
application);
2. Establishment
of
(or
conversion
to)
a
public
company;
3. Nomination
of
appropriately
experienced
and
skilled
Responsible
Managers;
4. Lodgement
of
the
following
proofs
(together
with
supporting
documentation)
with
the
initial
application:
- A5
Business
Description
- People
proof
for
each
nominated
Responsible
Manager
(this
comprises
the
2
business
references,
police
check,
insolvency
check
and
the
Statement
of
Personal
Information)
- B1
Organisational
Expertise
Table
- B5
Financial
Resources
(together
with
financial
statements)
5. Lodgement
of
some
or
all
of
the
following
statements
(‘proofs’)
within
10
business
days
of
a
specific
request
by
ASIC,
together
with
supporting
documentation
(evidence,
policies
&
procedure
manual,
certain
disclosure
documentation
etc):
- B2
Development
Program
for
Responsible
Managers
- B2
Industry
Standards
Compliance
- B3
Compliance
Arrangements
- B3
Outsourcing
Statement
- B3
Conflicts
of
Interest
Arrangements
- B4
Program
for
monitoring,
supervision
and
training
of
Representatives
- B5
Human
Resources
Capacity
Statement
- B5
Information
Technology
Capacity
Statement
- B6
Dispute
Resolution
System
Statement
- B7
Risk
Management
System
Statement
- B8
Compensation
Capacity
Statement
- B9
Research
Statement
- C1
Operate
a
custodial
or
deposit
service
- C1
IDPS
Statement
- C1
Funds
under
management/custody
Statement
- C1
Product/Service
distribution
Statement
- C2
Scheme
operating
capacity
Statement
- C2
Scheme
Property
Statement
- C2
Funds
under
management
details
- C2
Product
Distribution
Channel
Report
- C4
Derivatives
Statement
- C5
Foreign
Exchange
Operating
Statement
6. Preparation
of
requisite
documentation,
including:
- Constitution
for
each
scheme
(to
be
lodged
with
ASIC);
-
Product
Disclosure
Statement
for
each
scheme
(to
be
lodged
with
ASIC);
- Compliance
Plan
for
each
scheme
(to
be
lodged
with
ASIC).
7. Establishment
of
Compliance
Committee
(including
formal
charter);
and
8. Appointment
of
suitable
external
custodian.
What
can
Block
Legal
&
Compliance
do
for
Operators
of
registered
schemes?
1. advise
you
regarding
ASIC
requirements
and
the
appropriate
authorisations
to
obtain;
2. project
manage
or
review
your
AFSL
Application
or
Variation;
3. draft
policies
and
procedures
(including
comprehensive
Compliance
Manual)
and/or
application
proofs;
4. liaise
with
ASIC
to
finalise
your
AFSL
application
or
variation;
5. provide
training
and
workshops
to
staff
and
Boards
regarding
the
process
and
applicable
legal/regulatory
requirements;
6. provide
specialised assistance
in
key
areas
such
as
drafting
of
disclosure
documentation,
Scheme Constitutions and Compliance Plans;
7. review
and
advice
regarding
marketing
materials
and
website
disclosure;
8. provide
implementation
advice
and
guidance
once
AFSL
is
obtained;
and
9. provide
ongoing
compliance
oversight
and
reviews,
and
training,
once
AFSL
has
been
granted/varied.
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