The following will be of interest to those studying the ins and outs of AFS licences. Anybody else can move on to the next item and breathe a sigh of relief.

ASIC has clarified some of the conditions imposed on AFS licences. The changes are in relation to authorisation conditions, notification requirements, training requirements, financial requirements, security bond compensation requirements and external dispute resolution requirements.

This is a summary:

• Authorisation condition 1(b) has been adjusted to illustrate the fact that financial products will appear separately under each sub-level of dealing, and expanded to include dealing by arranging.

• Notification Requirements to Representative’s Clients condition 5(b) has had “if applicable” inserted to provide further clarification of the application of this paragraph.

• Training Requirements for Representatives condition 6 has had “to retail clients” inserted to be consistent with drafting in condition 7 and to provide further clarification of the application of this condition.

• Financial Requirements for Licensee Transacting with Clients condition 20 has had a new paragraph (e) inserted to take account of liabilities incurred by Registered Independent Options Traders.

• Security Bond Compensation Requirements condition 29 description has been adjusted to be consistent with the Professional Indemnity Compensation Requirement description.

• External Dispute Resolution Requirements condition 30 has had a correction inserted as the condition applies to all financial services provided to retail clients.

• Audit Report on Discretionary Portfolio Accounts has had condition 40 expanded.

• Protection of Underlying Land in Primary Production Schemes condition 42 has been revised so that the condition applies to all AFS licensees operating “primary production” registered managed investments schemes in the capacity of a “responsible entity”.