Now a days in Australia anything to do with Financial trading even education requires an AFSL/ ACL etc
( which as a consumer is good as perhaps it stops dodgy "snake oil salesperson" at bay.. but that is another subject)

Does anybody know
If a person/ group wishes to start a very very small Prop operation will that entity need a AFSL?
My feeling is
- If the business model does not take any money ( be it for desk fees or training) and does not give advice from the participants then perhaps NO
- What if the business model is a hybrid ? meaning the traders do pay some "First loss Risk money " and the firm provides additional capital? then?
Any experts?