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  1. #1

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    Default Help with obtaining Australian financial services licence

    I am looking for help with trying to obtain an australian financial services licence so i can teach seminars in australia. i have e mailed asic and they said that i need a licence but won't offer any help on how to obtain one.I live in new zealand and the rules are a lot more casual over here. any comments would be welcomed.

  2. #2

    Default Re: Help with obtaining Australian financial services licence

    you need to have at least 3 yrs working for a suitable broker/bank etc

    you need a staff team to handle compliance, procedures, blah blah

    you need an aussie address

    you need PS146 compliance

    and a heap more.......but you should already know all this cos you read all the FAQs on asic site.........right?

    why would we need yet another seminar spruiker here anyway?

  3. #3

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    Default Re: Help with obtaining Australian financial services licence

    Hello Nasdaq Trader,


    Go to FINSIA: http://www.finsia.edu.au/ Go to “Education and Training”, then pull the menu down, go to “compliance training”, then “tier1 PS146”.


    For individuals, you’ll need to complete at least the generic course (which has the advisor course to hand in, and you sit a generic exam, and must get 70% or better to pass) for your personal PS146 Certification (depends what you’re doing, of course).

    There are several specialist areas such as: Securities, Derivatives, Superannuation, Insurance, Managed Investments, Financial Planning... etc.

    Depending on what you need to practice, you’ll need to then do at least one specialist area or more to gain accreditation. This includes Exams with at least a 70% (some require higher pass marks) to pass, and written assignments.

    You will also need to gain a license for your organisation to conduct seminars. Essentially you must adhere to a range of ASIC requirements including setting up dispute resolution mechanisms, and providing (potential) clients with FSG (Financial Services Guide) and PDS (Product Disclosure statement) documents. You may also if you give financial advice have to provide an SOA (Statement of Advice) to clients. All of this is covered in the course at FINSIA.


    There are a range of relevant document on various license requirements on the ASIC site, but you will need to search online to access the various documents that may be relevant to you situation.

    http://www.asic.gov.au/asic/asic.nsf


    Good luck, it’s FUN!


    Regards


    Magdoran
    Disclaimer: These comments are not financial advice, and readers are advised to seek appropriate professional financial advice for their personal circumstances. Personal views for discussion & educational purposes only.

  4. #4

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    Default Re: Help with obtaining Australian financial services licence

    Mine cost me $27,000 to get done.

    Whatever is said above is the short form. Just my regime to ASIC went 40-pages to show my experience. The total application went closer to 500-pages.

    I can recommend a firm that specialise in doing it, but they'll be very up-front if they don't think you'll be granted a license.

    Good luck.

  5. #5
    Rotaredom wayneL's Avatar
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    Default Re: Help with obtaining Australian financial services licence

    Hi Mag, MT, Nick,

    How do these rules relate to someone who has written a book, lets use the example of Darryl Guppy or Leon Wilson.

    The information contained therein is very generic in nature, does not provide advise or "signals" but merely discusses techniques for trading.

    ...and what about the current rash of e-books promoting holy grail (hah) techniques such as the so called "Dimitri Strategy" (just an ordinary bull put spread ferchrissake)

    Where do these licencing requirements fit in here? The ASIC site seems a bit nebulous in this regard as far as I can see.

    TIA

    PS - Not bagging the bull put spread per se'. Just the promotion of it in exclusion of all other strategies

  6. #6

    Default Re: Help with obtaining Australian financial services licence

    hey guys thanks for your replies,

    i will finish putting together my home study courses that i have developed...i may not bother with seminars in australia....england and europe are a lot more relaxed in the red tape department.

    i have asked joe if i can offer some members of ASF my courses free of charge...before i release them on the open market...i am waiting for his reply.

    I am an active trader and are happy to include trade statements with my materials (current ones)

    i know with all the shady guys out there it is hard to be taken seriously, but as you guys know making a consistant living from the market can be challenging at the best of times.

    i am not a guru nor do i think i am...i am just a guy who wants to make a living doing what he loves.

    thank you for your time.

  7. #7

    Default Re: Help with obtaining Australian financial services licence

    Before cancelling Australia from your list, you actually have a few options:

    1. You can get an AFSL which will cost at least AUD $30,000 - $40,000 once you take into account legal costs, getting the licence, setting up the business and engaging third party providers (to arrange insurance cover and annual audit).

    2. You can become an Authorised Representative of an appropriately licenced business. There are a few in Australia that offer this service. You pay an ongoing fee that you negotiate with the licensee. This is much simpler than option 1, above.

    You can ask more questions (and get answers like this) on the free compliance forum http://www.complianceforum.com.au.

    The forum is administered by a law firm - Holley Nethercote Commercial & Financial Services Lawyers

  8. #8
    Commonsense isn't that common nomore4s's Avatar
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    Default Re: Help with obtaining Australian financial services licence

    Quote Originally Posted by Visitpaul View Post
    Before cancelling Australia from your list, you actually have a few options:

    1. You can get an AFSL which will cost at least AUD $30,000 - $40,000 once you take into account legal costs, getting the licence, setting up the business and engaging third party providers (to arrange insurance cover and annual audit).

    2. You can become an Authorised Representative of an appropriately licenced business. There are a few in Australia that offer this service. You pay an ongoing fee that you negotiate with the licensee. This is much simpler than option 1, above.

    You can ask more questions (and get answers like this) on the free compliance forum http://www.complianceforum.com.au.

    The forum is administered by a law firm - Holley Nethercote Commercial & Financial Services Lawyers
    Visitpaul, this thread is over 5 years old now.
    All things are difficult before they are easy.
    Keith's Art

  9. #9

    Default Re: Help with obtaining Australian financial services licence

    Nasdaq Trader;

    we could help , but it is very costly to run and keep all compliance in check, audit, insurances ect, especially you have to also set an australian company here, has a local director, it still can be done,

    maybe, you would like to work it under other's AFSL licence as an authorised representative.
    please email me about your course, your "clients" or target group and generally how you charge.

    regards sam
    [email protected]

  10. #10

    Default Re: Help with obtaining Australian financial services licence

    Quote Originally Posted by samsiu View Post
    Nasdaq Trader;

    we could help , but it is very costly to run and keep all compliance in check, audit, insurances ect, especially you have to also set an australian company here, has a local director, it still can be done,

    maybe, you would like to work it under other's AFSL licence as an authorised representative.
    please email me about your course, your "clients" or target group and generally how you charge.

    regards sam
    [email protected]
    Only 8 years old. Any other ancient threads you want to dig up?

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