Last year in April ASIC brought in new laws that effectively stop all Introducing Brokers (IB's) in Australia who make commission from referring others to use Australian trading platforms.
Here is the reference: Discussing financial products and services online | ASIC - Australian Securities and Investments Commission
My understanding is that law only applies to referring others to AFS licensed platforms (i.e. Australian trading platforms, as they all need to be AFS licensed), and that ASX stocks are regulated by ASIC, not US stocks and/or international trading platforms.
My question is:
Does this apply law only to referring people to Australian brokers?
Can I refer people to American trading platforms to trade American stocks and earn commission?
Can I refer people to crypto trading platforms and earn commission?
I have a large >50k social media platform, and a US broker approached me. They are suggesting everything is fine for me to do referrals but I'm sure that my best interests aren't exactly at heart for them.
EDIT: I am not AFS licensed myself.
Here is the reference: Discussing financial products and services online | ASIC - Australian Securities and Investments Commission
My understanding is that law only applies to referring others to AFS licensed platforms (i.e. Australian trading platforms, as they all need to be AFS licensed), and that ASX stocks are regulated by ASIC, not US stocks and/or international trading platforms.
My question is:
Does this apply law only to referring people to Australian brokers?
Can I refer people to American trading platforms to trade American stocks and earn commission?
Can I refer people to crypto trading platforms and earn commission?
I have a large >50k social media platform, and a US broker approached me. They are suggesting everything is fine for me to do referrals but I'm sure that my best interests aren't exactly at heart for them.
EDIT: I am not AFS licensed myself.
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