Appropriate
AFSL
for
stockbrokers
and
securities
advisers/dealers?
A
specific
authorisation
in
your
AFSL
will
be
required
for
those
who
provide
advice
or
deal
in
securities
products,
and
depending
on
your
activities,
you
may
also
require
incidental
authorisations
for
dealing
in
derivatives
and
foreign
exchange
products.
What
is
the
process
for
applying
for
an
AFSL?
1. Lodgment
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
- C3
Market
Maker
Statement
- C4
Derivatives
Statement
- C5
Foreign
Exchange
Operating
Statement
5. Preparation
of
requisite
documentation,
including:
- Client
Agreement;
Transaction
confirmation
documentation;
-
Financial
Services
Guide;
and
-
Statement
of
Advice
(or
related
documentation).
What
can
Block
Legal
&
Compliance
do
for
stockbrokers
and
securities
advisers/dealers?
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,
including
ASX
Operating
Rules
for
ASX
Participants;
6. provide
specialised
assistance
in
key
areas
such
as
drafting
of
Client
Agreements
and
Statements
of
Advice;
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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