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I am a retail futures trader and IT professional. I have

Customer Question
Hello, I am a retail...
Hello, I am a retail futures trader and IT professional. I have developed automated trading systems software that I wish to sell. As I have also created a process for successfully developing reliable robust systems, I also plan to sell on-line video courses addressing how to develop said trading system software, and how to manage live trading with the software. My systems trade mainly on Futures markets. I plan to sell the courses and systems via a website.
As this is not the typical Financial Services business, I would like to know the FSA licensing and legal requirements to sell such items in Australia, and if I sell them outside of Australia, do I have any licensing and legal obligations locally (beyond the typical business registration requirements).
Submitted: 2 years ago.Category: Australia Law
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Answered in 2 hours by:
8/12/2015
Solicitor: Leon, Solicitor replied 2 years ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,098
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Good Evening,

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

Are you going to be selling futures and making recommendations to parties on what to buy?

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Customer reply replied 2 years ago
No. I will be selling the software that can be used to trade a certain future or futures. Put another way, the software I sell is tailored to work with a specific future or set of futures.
Solicitor: Leon, Solicitor replied 2 years ago

Good Morning

If you are only selling the software you do not require the have a FSA licence as you are not selling securities.

So the software will only allow you to buy specific securities and you cannot choose?

Will you be getting any kick backs from the securities?

I cant take a call at the moment as I am on the phone.

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Customer reply replied 2 years ago
1. The software has been tuned to work best with a specific security or securities, but it can be traded with any futures contract. There is no restriction in the software on what futures contract is traded with it.
2. I have no connection whatsoever with any securities traded, and so no kickbacks.
Solicitor: Leon, Solicitor replied 2 years ago

If there are no restrictions and there are no kick backs then you are not required to have a license.

They are only required if you do the following and the website this came from is also after

You may need an AFS licence if, as part of your business, you:

  • provide financial product advice to clients
  • deal in a financial product
  • make a market for a financial product
  • operate a registered scheme
  • provide a custodial or depository service, or
  • provide traditional trustee company services.

http://asic.gov.au/for-finance-professionals/afs-licensees/

So you will not need it if you do not provide that service and only the software.

I hope this makes sense and is of assistance

If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon

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Customer reply replied 2 years ago
Thanks, ***** ***** wanted to ask, as this is meant to be guidance as you noted initially. How can I confirm this as legal advise?
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Leon
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,098
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Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

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