New conflict of interest obligations have been released affecting Australian financial services licensees.

Lawyers Blake Dawson Waldron have warned that from next January a licensee must have arrangements in place for the management of conflicts of interest that arise in relation to the organisation’s activities.

Under the new obligations, conflicts of interest should be “controlled, avoided and disclosed” at all times, although disclosure will not always satisfy the obligations.

The Australian Securities and Investments Commission has released a publication clarifying what is required of licensees in relation to the new obligation, titled Licensing: Managing Conflicts of Interest. The new obligations follow the enactment of CLERP 9.