ASIC v BPS Financial: Narrowing the Path for Authorised Representatives
The Full Court allowed ASIC’s appeal against Downes J’s 2024 decision, holding that BPS Financial Pty Ltd (BPS) could not rely on the ‘authorised representative’ exemption in s 911A(2)(a) Corporations Act for a 10‑month period in which it issued and promoted the Qoin Wallet—a non‑cash payment (NCP) facility—because, as a matter of fact and substance, BPS was acting on its own behalf, not “as representative of” the AFSL holder (PNI Financial Services Pty Ltd). The Court therefore declared BPS had contravened s 911A(1) by dealing in a financial product and providing financial product advice between 5 November 2020 and 30 August 2021. Costs: no order, save that ASIC was to pay the costs of the amicus.