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Law of Financial Services (11573.1)

Level: Level 2 - Undergraduate Intermediate Unit
Credit Points: 3
HECS Bands:

Band 3 2013-2020 (Expires 31 Dec 2020) Band 4 2021 (Commenced After 1 Jan 2021) Band 5 2021 (Commenced Before 1 Jan 2021)

Faculty: Faculty of Business, Government & Law
Discipline: Canberra Law School


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Unit Outlines

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  • Semester 1, 2021, ON-CAMPUS, BRUCE (202483) - View
  • Semester 1, 2020, ON-CAMPUS, BRUCE (198514) - View

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This unit provides a comprehensive coverage of the requirements of Chapter 7 of the Corporations Act (2001) - the Law of Financial Services and Markets. The unit introduces students to key definitions such as those for financial services, financial products, retail and wholesale clients. The unit covers in detail the requirements for the licensing of all financial service providers (advisers and dealers); the legal responsibilities of licensees in dealing with their clients; and the consequences of breaching licence requirements and conditions, such as failing to act in the best interests of a client. The unit provides a full treatment of the law with respect to the provision of the most important financial products, such as corporate securities, interests in managed investment schemes and superannuation funds. Students will be able to apply the legal requirements of the Anti-Money Laundering/Counter Terrorism legislation and privacy legislation when providing advice to clients.

Learning Outcomes

Upon successful completion of this unit, students will be able to:

1. Explain the obligations of all financial services providers under Chapter 7 of the Corporations Act and privacy legislation;

2. Understand and articulate the legal differences between key financial products (such as corporate securities, interests in superannuation and interests in managed investment schemes) in advising and dealing in financial services;

3. Demonstrate the general legal obligations of all financial services licensees to retail clients including the obligation to act in the client's best interests, and provide FSG, PDS and Statement of Advice in certain situations;

4. Analyse the essential requirements of a Licensee in providing the FSG, PDS and Statement of Advice required under Chapter 7 of the Corporations Act;

5. Discuss the legal requirements for obtaining and maintaining an Australian Financial Services Licence (AFSL) and the legal consequences for breaching conditions of the AFSL and Financial Disclosure Obligations; and

6. Apply the reporting and notification requirements for AUSTRAC under the AML/CTF legislation.

Assessment Items

Contact Hours

Three hours of lectures and tutorials on campus per week.


11220 Business Law



Assumed Knowledge


Incompatible Units

7041 Law of Financial Institutions and Services

Equivalent Units


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