Australian Financial Services Licence
EMIT’s Australian Financial Services Licence (AFSL) authorises it to carry on a financial services business to: - provide financial product advice for the following classes of financial products:
- derivatives; and
- deal in a financial product by:
- arranging for another person to issue, apply for, acquire, vary or dispose of a financial product in respect of the following classes of financial products:
- arranging for another person to apply for, acquire, vary or dispose of financial products in respect of the following classes of financial products:
to wholesale clients. The obligations of EMIT in respect of its Financial Services Licence, as detailed by the Australian Financial Markets Association (AFMA) are as follows: - "do all things that ensure that the financial services covered by the licence are provided efficiently, honestly, and fairly;
- comply with the conditions of the license;
- comply with the applicable financial services laws;
- take reasonable steps to ensure that its representatives (i.e. staff and agents) comply with the applicable financial services laws;
- have adequate financial resources, unless regulated by APRA (which already imposes such requirements);
- maintain the competence to provide the financial services covered by the licence;
- ensure that representatives are adequately trained and are competent to provide those financial services;
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