OK, that stopped me for a bit but on reflection still not sure it is correct Itzgr8t - First there are 2 issues on this matter.
The first is whether OM complied with its agreed practices with ASIC. I am confident that this was agreed to in regard to proxy advice and proxy advice only. https://hotcopper.com.au/posts/59397821/single You posted this earlier.
The second is that OM is licensed and must comply with its wholesale AFSL obligations along with the Corps Act irrespective of whether it is writing a proxy report or a bespoke report. This is of course true. I do not believe that an AFSL license or the Corps act requires, as an example, a research report on a company to be submitted to that company prior to publication.
But the proposed legislation seeks to regulate proxy advice and proxy advice only. If this passes into legislation would it stop the sort of report OM wrote on ISX? Don't think so but not certain. Law is a weak point for me.
Can any AFSL holder provide proxy advice (there being no other requirement)? Don't know.
In any event, it appears that new legislation is aimed specifically at proxy advice and nullifies your point "activities akin to their licensed activity" argument. I'm sure @ChillingOut could help us here (or any other person with legal experience) but HotC posters burned his ranch and stole his cattle
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