ASIC Seeks Feedback On Financial And Training Requirements For Margin Lending Facilities.Following the introduction of the Corporations Legislation Amendment (Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Modernisation) Bill 2009 (Bill) into Parliament on 25 June 2009, ASIC (Application Specific Integrated Circuit) Pronounced "a-sick." A chip that is custom designed for a specific application rather than a general-purpose chip such as a microprocessor. yesterday released two policy proposals, Consultation Paper 108 Margin lending: training of financial advisers and Consultation Paper 109 Margin lending: Financial requirements, which outline how ASIC proposes to: apply training requirements to financial product advisers who advise on margin lending facilities, and apply the financial resource requirements The components of a system that are required by software or hardware. It refers to resources that have finite limits such as memory and disk. In a PC, it may also refer to the resources required to install a new peripheral device, namely IRQs, DMA channels, I/O addresses and memory to Australian financial services (AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System ) licensees who provide financial services in relation to margin lending facility products. We have been following the proposed changes being made to Chapter 7 of the Corporations Act 2001 in relation to margin lending for some time and have been providing Legal Updates on this topic for the past twelve months. Under the Bill, a margin lending facility will be regulated as a financial product under Chapter 7 of the Corporations Act 2001. This means that firms offering or advising on margin lending facilities will be required to obtain an Australian Financial Services licence and will be subject to the conduct obligations in Chapter 7, including the obligation to have adequate financial resources and ensure that its representatives are adequately trained and are competent to provide the financial services. ASIC is now seeking public comment regarding the training requirements and financial requirements for firms that offer or advise on margin lending facilities. ASIC has also taken the opportunity to remind current holders of an Australian financial services licence that they will need to apply for a variation to their existing licence if they intend to provide a financial service in relation to a margin lending facility. Submissions on the proposals contained in the Consultation Papers close on Monday 10 August 2009. Details on how to make a submission are contained in the Consultation Papers and you can obtain a copy of the Consultation papers at www.asic.gov.au. The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Ms Alison Deitz Deacons Level 18 Grosvenor Place Grosvenor Place may refer to:
225 George St Sydney NSW NSW New South Wales Noun 1. NSW - the agency that provides units to conduct unconventional and counter-guerilla warfare Naval Special Warfare 2000 AUSTRALIA Tel: 29330 8000 Fax: 293308111 E-mail: maryanne.webb@deacons.com.au URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : www.deacons.com.au Click Here for related articles (c) Mondaq Ltd, 2009 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com |
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