Aggregated News From Investment Management Regulators

ASIC issues no-action position in relation to ongoing fee arrangement obligations for Victorian financial advice businesses

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ASIC acknowledges that due to COVID-19 restrictions, some financial advice businesses in Victoria may find it difficult to comply with the fee disclosure statement (FDS) and renewal notice obligations.

To assist affected financial advice businesses, ASIC has issued a no-action position in relation to these obligations. ASIC does not intend to take regulatory action against an Australian financial services (AFS) licensee or their representative for a breach of sections 962G, 962K and 962S of the Corporations Act in certain circumstances.

This no-action position applies to AFS licensees or representatives where their entire business or a substantial part of it is located in Victoria.

For more information, visit COVID-19 information for financial advisers and advice licensees.

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Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

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This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content...

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