Articles on Funds & Raising Private Capital with an AFSL

No AFSL – $14 million in penalties

Knowledge

10th February 2026

MARQ Trustees writes about the Full Federal Court’s decision in the BPS Financial case, in which a company was found to have issued and promoted an investment product without an AFSL and also having engaged in misleading and deceptive conduct. The judge said that the company “engaged in serious and unlawful misconduct”. The decision once again reinforces the serious consequences of acting without an AFSL.

Marketing material for wholesale offers – the misleading and deceptive conduct laws still apply

Knowledge

12th August 2025

MARQ Trustees writes about a recent Federal Court decision involving Mayfair 101, which highlights that prohibitions against misleading and deceptive conduct can apply to marketing materials used in wholesale investment offers, and shows how those involved in producing them can be held liable.

Six and a half year ban for property developer for promoting property investments without an AFSL

Knowledge

20th March 2025

MARQ Trustees writes about ASIC’s ban of Kingdom Developments Group director, for offering investment in property developments without an AFSL (Australian Financial Services Licence).