When an Australian financial services licensee appoints you as an authorised representative (AR) to engage with investors in relation to an investment fund you manage, there are important regulatory boundaries that apply to how you engage with the market. Understanding those boundaries early allows your people to be effective in investor-facing roles, while avoiding missteps through omission, misunderstanding, or over-enthusiasm.
MARQ Trustees has developed a training program that assists ARs with the knowledge they need to speak to investors with clarity and confidence, while maintaining the discipline required to stay within the tramlines set by the Corporations Act 2001 (Cth).
OUR EXPERIENCE ONBOARDING FIRST‑TIME ARS
MARQ Trustees has a decade‑long history of working with first‑time investment managers. Many of our long‑term clients began their relationship with us as newcomers – highly capable investment professionals, but without a detailed understanding of the regulatory framework governing managed investment schemes, or the extent to which it shapes their conduct.
From the outset, our role has been to guide Authorised Representatives through their responsibilities in a way that is practical, commercially grounded, and immediately usable. That early grounding has helped our clients operate effectively within the rules, protect their people and their business, and build a compliant platform capable of supporting not just one fund, but the ones that follow.
ONLINE ONBOARDING, AT YOUR PACE
To make this process more accessible, MARQ Trustees collaborated with Holley Nethercote, a specialist law firm and financial services compliance consultancy, to develop an online onboarding program for ARs.
The program provides the foundational knowledge required to communicate confidently about a fund and its assets. The training component covers the regulatory framework in plain terms; participants then complete an online assessment, with a certificate awarded upon successful completion.
KNOWING WHAT YOU CAN AND CANNOT SAY OR DO
A core focus of the onboarding is helping ARs understand the practical boundaries of investor engagement; not just what the rules are, but why they exist, and how they apply in real situations. This includes how investor classification – retail and wholesale – directly affects what communications are permitted, and in some cases whether engagement is permitted at all.
The program also addresses the distinction between no advice, general advice, and personal advice, an area that frequently causes confusion. By demarcating these boundaries, participants are better equipped to understand these distinctions without second‑guessing themselves or inadvertently crossing a line.
MARKETING, COMMUNICATIONS, AND RECORD‑KEEPING
Almost every investment fund requires some form of marketing. The onboarding includes a dedicated section on the production and distribution of printed and digital marketing materials, with a focus on avoiding content that may be categorised as misleading or fall under ‘personal advice’.
A high priority is keeping records of all interactions. The training is explicit on why this matters, and the circumstances in which you will be grateful that you did.
RISK MANAGEMENT – A BENEFIT NOT A BURDEN
Risk management is treated not as a compliance burden, but as a business discipline. The training demonstrates how well‑designed risk‑management policies can reduce regulatory exposure while improving operational efficiency and long‑term profitability.
MANAGING BREACHES WHEN THEY OCCUR
If a breach of the Corporations Act is identified, or if concerns arise about processes within the organisation, the speed and manner in which the breach or concern is addressed matters most. The training details how to respond, the impact this can have on reducing harm and, as a positive, how this can help demonstrate to regulators that the fund is being governed and managed responsibly.
WHY TRUSTEES CARE SO DEEPLY ABOUT AR COMPLIANCE
For licensees and fund trustees, appointing competent and compliant managers is critical. As the licensee is ultimately accountable for the conduct of its authorised representatives, it is typically the regulator’s first point of contact if a breach occurs. Serious or repeated failures can place a licensee’s AFSL at risk, with potentially terminal consequences for their business.
This onboarding training is available exclusively to clients of MARQ Trustees.
The training is presented by Andrew Patrick, Managing Director of MARQ Trustees, and Paul Derham, Managing Partner of Holley Nethercote. It draws on their deep experience in trustee governance and financial services regulation.
