Internet discussion sites (IDSs) are internet websites that provide a place for people who are not financial services professionals to share information, recommendations and opinions about financial products such as shares.
Under the current law, the activities of IDS operators and users may constitute the provision of financial services, for which an Australian Financial Services licence (AFSL) is required. ASIC proposes to update its policy to give specific guidance on which IDSs are likely to need an AFSL. ASIC does not propose to grant IDS operators relief from the financial services licensing and disclosure regimes, meaning operators will need to hold an AFSL unless a pre-existing exemption applies to them.
Another waste of taxpayers money
