What If You Are Both An Afsl And An Acl Holder?

1206 WordsOct 30, 20155 Pages
What if you are both an AFSL and an ACL holder? ASIC has provided some general commentary regarding complying with your obligations if you are both an AFSL holder and an ACL holder on their website under “Complying with your obligations if both credit licensee and AFS licensee” (website as updated in June 2015). This is an extract from ASIC’s website that has relevance to conflicts of interest: Complying with your obligations if both credit licensee and AFS licensee This information sheet (INFO 134) explains how to comply with your obligations if you are both: • a credit licensee under the National Consumer Credit Protection Act 2009 (National Credit Act), and • an Australian financial services (AFS) licensee under the Corporations Act 2001 (Corporations Act). General conduct obligations If you are a dual licensee, you must comply with the general conduct obligations in s47 of the National Credit Act and s912A of the Corporations Act. While the obligations imposed by each regime are similar, in most cases, we have developed separate policy guidance for credit licensees and AFS licensees. You should therefore ensure that you are familiar with Regulatory Guide 205 Credit licensing: General conduct obligations (RG 205) and Regulatory Guide 104 Licensing: Meeting the general obligations (RG 104). The obligations under both regimes are broadly similar, and can generally be met through similar systems and processes. For example, credit licensees must keep a written plan that

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