You gotto be kidding right? 3 weeks!!!! BPG took about 6 months to insultingly reply to ASIC's first request months ago

Here are the bullet points for the AFS licence requirements. They fail on all of them especially the first point. The Balance Sheet is technically insolvent by millions. You reckon they can meet all of these requirements????
Their only hope is to go to court and argue that they don't need an AFS. I hope they have a good pro-bono lawyer. At minimum you are looking at 12 to 24 months in court. You can be guaranteed that ASIC won't let go of this and have much deeper pockets than BPG, especially after the royal commission into the financial services industry and that Phua is "known to ASIC"

Just forget it. Stop trying to hang on here. It's finished.

And BTW, I hate writing money off but one has to be a realist.

Your AFS licence obligations explained

Your AFS licence obligations are explained in our regulatory documents.

	AFS licensee requirement/obligation	Regulatory guide
Financial requirements (e.g. solvency and cash)	Regulatory Guide 166 Licensing: Financial requirements (RG 166)
Responsible managers (qualifications and experience)	Regulatory Guide 105 Licensing: Organisational competence (RG 105)
Monitoring, supervising and training your representatives (including authorised representatives)	Regulatory Guide 104 Licensing: Meeting the general obligations (RG 104) Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146)
Compliance and risk management	Regulatory Guide 104 Licensing: Meeting the general obligations (RG 104) Regulatory Guide 259 Risk management systems of responsible entities (RG 259)
Technological and human resources	Regulatory Guide 104 Licensing: Meeting the general obligations (RG 104)
Managing conflicts of interest	Regulatory Guide 181 Licensing: Managing conflicts of interest (RG 181)
Dispute resolution (internal and external)	Regulatory Guide 165 Licensing: Internal and external dispute resolution (RG 165)
Compensation and insurance arrangements	Regulatory Guide 126Compensation and insurance arrangements for AFS licensees (RG 126)
Compensation arrangements (security bonds and professional indemnity insurance)	Regulatory Guide 167 Licensing: Discretionary powers and transition (RG 167)
Conduct and disclosure	Regulatory Guide 168 Disclosure: Product Disclosure Statements (and other disclosure obligations) (RG 168) Regulatory Guide 175 Licensing: Financial product advisers –Conduct and disclosure (RG 175)

 

Financial obligations

A number of AFS licensees now have enhanced financial obligations following changes made to net tangible asset and preparation of cash flow projections requirements. Licensees impacted by these changes are those who are a:

• responsible entity
• operator of Investor directed portfolio services
• custodial or depository services provider (including as a provider of incidental custody services)
• trustee company providing traditional services
• issuer of margin lending facilities
• foreign exchange dealer
• retail OTC derivative issuer.