ASIC amends tax advice exemption instrument
ASIC has announced it addressed a regulatory anomaly that is intended to place full AFSLs on the same footing as limited licensees, but not everyone agrees it goes far enough. According to a statement yesterday, the regulator has amended the ASIC Corporations (Recognised Accountants: Exempt Services) Instrument to allow full AFSLs to provide exempt tax advice in relation to products not covered by their licence.