Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 25 MAY 2024

Market Intelligence Thought Leadership Award Winner

ASIC v BPS: time to book your CAR agreement in for a service?

Piper Alderman
Piper Alderman
Contributor
Piper Alderman

Piper Alderman

Helping shape the future of business in Australia with practical, commercial and cutting-edge legal...

View firm profile
Explore more from Piper Alderman

Licence holders and their authorised representatives should review the scope of their CAR agreements.

AustraliaFinance and Banking
Michael Bacina
Michael Bacina
Steven Pettigrove
Steven Pettigrove
Luke Higgins
Luke Higgins
Author LinkedIn connections

Michael Bacina, Steven Pettigrove & Luke Higgins of the Piper Alderman Blockchain Group bring you the latest legal, regulatory and project updates in Blockchain and Digital Law.

It has been just a few weeks since the Federal Court decision in ASIC v BPS Financial Pty Ltd (Qoin) was handed down, and industry professionals are continuing to weigh in on the consequences of the decision. The case is ASIC's first court win relating to a crypto-asset wallet, but also provides court guidance on what is a "facility" in the context of a non-cash payment facility (NCPF) and the scope of the exemptions from holding an AFSL in the Corporations Act 2001 (Cth).

The "authorised representative" exemption allows a person or entity to provide a financial service under the Corporations Act on behalf of the holder of an Australian Financial Services Licence (AFSL) as the authorised representative of the license holder under a written agreement, without having to hold an AFSL itself.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Australia's Enhanced Substantial Holding Disclosure And Beneficial Ownership Disclosure Regime Comes Into Effect From 4 December

Australian financial markets face a fundamental shift in disclosure requirements from December 2026, as new rules expand substantial holding obligations beyond traditional voting interests to capture derivative positions and economic exposure. Market participants must now navigate complex calculations involving physically settleable derivatives, cash-settled instruments, and offsetting short positions—with no grandfathering for existing holdings.
AustraliaFinance and Banking
K&L Gates
K&L Gates
Article

New Payment Models Face A Broader Licensing Regime

Australia's payment services landscape is undergoing a fundamental regulatory transformation with the introduction of new legislation that shifts focus from specific technologies to the functions and activities performed by payment service providers. The Treasury Laws Amendment Bill 2026 will replace the existing non-cash payment facility framework with a comprehensive licensing regime that distinguishes between payment products and payment services, potentially capturing previously unregulated payment
AustraliaFinance and Banking
McCabes
McCabes
Article

Australia's Updated Financial Innovation Strategy

The Australian Government has unveiled its Financial Innovation Strategy, introducing a new Financial Innovation Committee and overhauling the Enhanced Regulatory Sandbox framework to better support emerging businesses testing innovative financial products. The strategy encompasses reforms across consumer data rights, digital assets, tokenised infrastructure, and regulatory frameworks designed to position Australia as a leader in financial innovation.
AustraliaFinance and Banking
K&L Gates
K&L Gates
Article

Reforms To Restraints: What The Competition And Fair Work Legislation Amendment (Banning Unfair Non-Competes) Bill 2026 Means For Employers

The Albanese Government has released draft legislation that would fundamentally reshape how Australian employers use restrictive covenants and competitive agreements. The proposed Competition and Fair Work Legislation Amendment (Banning Unfair Non-Competes) Bill 2026 seeks to prohibit or strictly regulate no-poach agreements, wage-fixing arrangements, non-compete clauses, and co-worker non-solicitation terms.
AustraliaEmployment and HR
Piper Alderman
Piper Alderman
Podcast

Employment Relations Podcast – Enterprise Bargaining In The Spotlight: Intractable Deadlock Or Genuine Agreement?

Recent Australian workplace reforms have fundamentally altered enterprise bargaining dynamics, introducing new mechanisms like intractable bargaining determinations and expanded Commission powers to amend agreements. How should employers navigate these changes to develop effective bargaining strategies while managing risks associated with mandatory terms, genuine agreement principles, and the better off overall test?
AustraliaEmployment and HR
Piper Alderman
Piper Alderman
Article

Foreign Resident Capital Gains Withholding Changes: More Than Just Another Notification

From 1 October 2026, foreign vendors in transactions valued at $50 million or more must notify the Australian Taxation Office when providing non-indirect Australian real property interest declarations. These new requirements introduce strict notification deadlines, comprehensive reporting obligations, and significant penalties for non-compliance. How will these reforms impact transaction planning, risk allocation between parties, and completion mechanics for cross-border deals?
AustraliaTax
Piper Alderman
Piper Alderman
Article

South Australian Royal Commission Into Artificial Intelligence: What Businesses Need To Know Now

South Australia has announced a Royal Commission into Artificial Intelligence, set to commence in October 2026 and deliver findings by July 2027. The inquiry will examine AI's economic and social impacts across policy, education, public services, workforce transformation, and infrastructure. Businesses using or developing AI should prepare for potential regulatory reforms and consider engaging with the inquiry process.
AustraliaTechnology
Piper Alderman
Piper Alderman
Article

Benchmarking “not Too Closely” – Is It Still Too Close?

The Full Federal Court has clarified the test for copyright infringement in artistic works on product packaging, rejecting a generalised 'look and feel' approach in favour of detailed side-by-side comparisons. In a dispute between Aldi and Hampden Holdings over baby snack packaging, the Court found that five of Aldi's eleven MAMIA designs infringed copyright, despite Aldi's deliberate strategy to stay 'not too close' to its competitor's benchmark designs.
AustraliaIntellectual Property
Piper Alderman
Piper Alderman
Article

The hidden risk facing Australia’s credit funds: Property values haven’t fallen, but transactions have

Australia's private credit market faces its first genuine stress cycle as property transaction velocity slows and ASIC intensifies regulatory scrutiny. With delayed exits, extended loan maturities, and increased workout activity creating pressure across the sector, fund managers and trustees must now navigate both commercial challenges and heightened enforcement risk while ensuring their governance frameworks can withstand regulatory examination.
AustraliaFinance and Banking
Piper Alderman
Piper Alderman
Article

Victorian Construction Industry Royal Commission: What It Means For Project Participants

The Victorian Government has launched a Royal Commission into the Integrity of Major Public and Civil Infrastructure Construction Projects, examining allegations of corruption, criminal conduct and serious misconduct across major construction projects. The inquiry will scrutinise procurement practices, labour hire arrangements, subcontracting models, supply chains, project governance and government oversight, with implications extending far beyond Victoria's borders.
AustraliaGovernment, Public Sector
Piper Alderman
Piper Alderman