The Financial Services Reform Act 2001 (FSR) has changed the licensing requirements of lawyers and individual practitioners need to ensure they don’t need a financial services licence under the new provisions, according to the Law Council of Australia.
The Council has produced a comprehensive web-based guide to assist lawyers prepare for the regime, which is approaching its March 11 deadline.
The Guide to FSR and Legal Practice has been designed to explain to the legal profession the impact the licensing regime will have on it, and will assist lawyers to comply with the new legislation.
“All lawyers should be aware of the new provisions,” said Law Council president Bob Gotterson QC. “Lawyers who want to be in full operation … will have to know how to comply with the new provisions. This guide will be an essential tool for legal practitioners,” he said.
Access the document at www.lawcouncil.asn.au and follow links to the guide.