The Securities Commission has issued a discussion paper on the
regulation and supervision of financial advisers under the
Financial Advisers Act 2008. Submissions are due by 5.30pm on
Thursday, 30 July 2009.
There are some important proposals to consider, particularly as
regards the operation of the Qualifying Financial Entity
(QFE) regime. These include:
The extension of the 'agents' who can be covered by a
QFE's designation, to include contractors, employees of related
companies, franchises and their employers, and stand-alone product
distributors covered. The rationale being that a QFE's
designation would extend to (and be limited to) those for whom the
QFE has accepted operational and financial responsibility.
The limitation of QFEs to those able to satisfy the Commission
that they have both the operational capacity to ensure appropriate
standards are met and maintained with sufficient resources to
ensure the process is effective and the capacity to take financial
responsibility for those operating under its QFE designation.
Streamlined authorisation and supervision for Authorised
Financial Advisers who are employees or agents of a QFE.
We are keeping in touch with Commission representatives and
would be happy to discuss the paper, our thoughts on the proposals
and how they affect your business.
The Commission has emphasised its desire to receive practical
industry feedback on these proposals. This is your opportunity to
ensure your key issues are addressed and an opportunity to help
shape the future in respect of the regulation and supervision of
financial advisers. We look forward to assisting you with this.
Phillips Fox has changed its name to DLA Phillips Fox
because the firm entered into an exclusive alliance with DLA Piper,
one of the largest legal services organisations in the world. We
will retain our offices in every major commercial centre in
Australia and New Zealand, with no operational change to your
relationship with the firm. DLA Phillips Fox can now take your
business one step further − by connecting you to a global
network of legal experience, talent and knowledge.
This publication is intended as a first point of reference
and should not be relied on as a substitute for professional
advice. Specialist legal advice should always be sought in relation
to any particular circumstances and no liability will be accepted
for any losses incurred by those relying solely on this
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