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
Officers;
4. Lodgement
of
the
following
proofs
(together
with
supporting
documentation)
with
the
initial
application:
- A5
Business
Description
- People
proof
for
each
nominated
Responsible
Officer
(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)
- Lodgement
of
the
following
statements
(‘proofs’)
(possibly
more
depending
on
product
authorisations)
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
Officers
- 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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