Appropriate
AFSL
for
MDA
operators?
A
specific
MDA
authorisation
in
your
AFSL
will
be
required
for
those
who
provide
managed
discretionary
account
services
to
retail
clients
ie
where
clients
give
the
operator
funds,
or
access
thereto,
to
be
invested
at
the
discretion
of
the
MDA
operator.
What
is
the
process
for
applying
for
an
AFSL
–
authorisation
in
operating
an
MDA
service?
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. Nomination
of
appropriately
experienced
and
skilled
Responsible
Managers;
3. 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)
4. 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
- C9
MDA
Operator
Capacity
Statement
- And
any
other
applicable
C
proofs
as
per
products
utilised.
5. Preparation
of
requisite
documentation,
including:
- MDA
Client
Agreement;
-
Investment
Program
for
retail
clients;
-
Product
Disclosure
Statement
for
products
utilised
in
the
provision
of
MDA
services;
and
-
Financial
Services
Guide.
- Statement of Advice
6. Suitable
external
custodial
arrangements.
What
can
Block
Legal
&
Compliance
do
for
MDA
operators?
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
Investment
Programs,
MDA
client
agreements,
and
disclosure
documentation;
7. review
and
advise
regarding
marketing
materials
and
website
disclosures;
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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