The Corporations Legislation Amendment (Financial Services Modernisation) Act (‘Act’) (which commenced on 1 January 2010) now classifies a ‘margin lending facility’ as a financial product. As a result, issuers of margin lending facilities and intermediaries who provide advice on margin lending facilities (such as financial advisers) have until 30 June 2010 to apply for an AFS licence or a variation to an existing AFS licence to comply with the new licensing requirements.
Please click here to view a PDF version of this Corporate Alert.
Read More