Appropriate
AFSL
for
operators
of
registered
Pooled
Development
Funds?
All
operators
of
registered
Pooled
Development
Funds
must
obtain
an
AFSL
with
an
authorisation
to
(at
a
minimum)
provide
general
advice
and
deal
(issue)
re
securities
in
relation
to
their
product,
for
retail
and/or
wholesale
clients.
The
exemption
afforded
by
ASIC
in
Class
Order
03/653
ceased
on
11
March
2004.
What
is
the
process
for
applying
for
an
AFSL
–
authorisation
in
operating
a
Pooled
Development
Fund?
1. Registration
of
the
PDF
with
the
Pooled
Development
Funds
Registration
Board
(Ausindustry).
2. Lodgement
of
the
electronic
application
on-line
with
ASIC
(hard
copy
and
proofs
to
be
lodged
within
20
days
of
finalising
on-line
application);
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
6. Preparation
of
requisite
documentation,
including:
- Product
Disclosure
Statement;
-
Financial
Services
Guide.
What
can
Block
Legal
&
Compliance
do
for
Pooled
Development
Funds?
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;
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,
legal
documentation
etc;
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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