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.

Beware directors and professional advisors – personal liability can await those involved in raising capital in a non-compliant way

Knowledge

16th September 2025

A recent Federal Court case highlights the significant personal risks for individuals involved in raising capital without an AFSL and also for those involved in preparing misleading investment documents.

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.