Who can be a credit representative?
A person can be a credit licensee and a representative but only where they are for different authorised credit activities. For example, you can be a licensee authorised to engage in credit activities as a credit provider or lessor and be authorised to provide credit assistance as a credit representative.
What Authorisations are required for an Afsl?
The AFSL application will need both ‘advice’ and ‘dealing to acquire, vary or dispose’ authorisations in all of these financial products unless an advice exemption applies. You will also need the authorisations to cover managed investment schemes, i.e. so you can advise and deal in your own fund.
What is an ASIC section 19?
ASIC powers Section 19 of the Act provides the power for ASIC to issue a notice if the agency, on reasonable grounds, suspects or believes that a person can give information relevant to an investigation. ASIC can require the person: to give to ASIC all reasonable assistance in connection with the investigation; and.
What is a credit representative Australia?
A credit representative is a person authorised to engage in specified credit activities on behalf of an Australian credit licensee or registered person under the National Consumer Credit Protection Act 2009 (National Credit Act).
What is an ACR in finance?
The asset coverage ratio is a financial metric that measures how well a company can repay its debts by selling or liquidating its assets.
Who needs an Australian credit Licence?
If you engage in credit activities you will generally need to have an Australian credit licence (unless you are exempt or authorised to engage in those activities as a representative of a credit licensee). Credit activity includes: providing credit under a credit contract or consumer lease.
What is a corporate Authorised representative?
Corporate Authorised Representative means an entity (including its directors and employees) whose name has been advised to ASIC for inclusion on the ASIC Authorised Representative register and pursuant to Part 7.6 of the Corporations Act 2001 (Cth) is authorised in writing to advise and/or deal in financial products of …
Who must hold an AFSL?
Chapter 7 of the Corporations Act 2001 (Cth) requires an entity to hold an AFSL if the entity carries on a business involving the provision of a financial service and/or a financial product. Financial services are defined in the Act as: Providing financial product advice (personal and/or general);
What is ASIC eligibility?
To be eligible to be an ASIC registered agent, you: must be a registered Australian company, the holder of a business name, or an individual that carries on business under their own name. must have an Australian Business Number (ABN) must not be disqualified from managing corporations under the Corporations Act 2001.
When can ASIC hold a hearing?
You normally have 28 days from the date of receiving the notice of hearing to appear at the hearing in person or to send us a written submission. If the date is not convenient or you consider that the time estimated is not sufficient you should contact us as soon as possible.
How is tol TNW ratio calculated?
TOL/TNW is a measure of a company’s financial leverage calculated by dividing the total liabilities of the company by the total net worth of the business. Total outside liability is the sum of all the liabilities of the business and total net worth is the sum of share capital and surplus reserves of the company.
What is good asset coverage ratio?
As a rule of thumb, if the asset coverage is higher than 1x, this is a good sign. Nonetheless, the industry plays a part in the equation, meaning that this could change depending on your industry. For example, when it comes to utility companies, a ratio ranging from 1.0-1.5x is acknowledged as being healthy.