Outline

Overview

The unit will examine in detail the legal and regulatory requirements relevant to the financial services industry, and how the risk of breaching those requirements can be managed by compliance systems. It will focus not only on legal theory but also on the practical day to day business issues involved with compliance.The unit is divided into two parts: (a) Core compliance issues: licensing of financial service providers; compliance systems; insider trading and Chinese walls; market conduct rules; shareholding restrictions; trade practices; anti-money laundering, counter-terrorism financing and other measures to combat crime; retail customer obligations; marketing financial products; client money rules; privacy; fiduciary duties and conflicts of interest; confidentiality; phone taping; and investigating compliance breaches (including reporting obligations and HR issues); and (b) Specialist compliance issues relevant to: managed investments; deposit products, non cash payment facilities; credit facilities, stockbroking; derivatives; warrants; foreign exchange; futures broking; financial planning; margin lending; insurance and insurance broking; superannuation and retirement savings accounts.

Unit details and rules

Academic unit	Law
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	No

Teaching staff

Coordinator	Jason Harris, jason.harris@sydney.edu.au
Lecturer(s)	Ingrid King, ingrid.king@sydney.edu.au

Type	Description	Weight	Due	Length
Participation	Class participation Students will be on call for one class	10%	Ongoing	1000w equivalent
Outcomes assessed:
Assignment	Problem assignment Provide written advice on a hypothetical problem scenario	30%	Week 07 Due date: 16 Sep 2022 at 18:00 Closing date: 23 Sep 2022	2500 words (1 month)
Outcomes assessed:
Final exam (Take-home short release)	Final exam Final exam based on one short essay and one hypothetical problem (3500w)	60%	Week 12 Due date: 27 Oct 2022 at 15:00	2 hours
Outcomes assessed:
= Type D final exam ?

Assessment summary

Class participation (10%):

Students will be on call for a particular class day and can expect to be asked about any of the prescribed readings. If a student is unable to attend their on-call class then they will need to seek special consideration (and email the Lecturer to advise of lodging special consideration). If special consideration is given, the alternate assessment will be determined by the unit coordinator.

This assessment will satisfy Learning Outcome 1 (LO1) by requiring students to demonstrate their understanding of how the regulatory regime of Chapter 7 of the Corporations Act operates across different transactions and businesses within the financial services industry during class discussions. It will satisfy Learning Outcome 2 (LO2) by requiring students to identify and balance different stakeholder perspectives on how financial services regulation does and should apply to a range of situations involving providers and clients of financial services and financial products during class discussions. It will satisfy Learning Outcome 3 (LO3) by requiring students to apply relevant financial services provisions to a range of common scenarios involving financial services and financial products in class discussions.

Problem assignment (30%):

Students will provide a written advice based on a hypothetical problem drawing on material from Classes 1 and 2. AGLC 4 referencing is expected. The question will be released by the start of the first class on 20 August and the answer is due on 16 September 6pm (Sydney time). A maximum word length of 2500 words applies (not including footnotes and headings).

The extension of time that may be granted by Special Consideration is the period up to 23 September 6pm. Any special consideration applications granted for time periods beyond this date will result in an alternate assessment being given, which may include a viva voce oral exam.

This assessment will satisfy Learning Outcome 1 (LO1) by requiring students to demonstrate their understanding of how the regulatory regime of Chapter 7 of the Corporations Act operates across different transactions and businesses within the financial services industry. It will satisfy Learning Outcome 2 (LO2) by requiring students to identify and balance different stakeholder perspectives on how financial services regulation does and should apply to a range of situations involving providers and clients of financial services and financial products. It will satisfy Learning Outcome 3 (LO3) by requiring students to apply relevant financial services provisions to a range of common scenarios involving financial services and financial products.

Final exam (60%):  

Students will undertake a final exam on Thursday 27 October from 3pm. The exam will have a word limit of 3500 words and will involve a 2 hour 30 minutes (including 30 minutes reading time) online examination consisting of one short essay and one hypothetical problem question (both compulsory). The outcome of a successful Special Consideration application for a replacement examination is a second replacement examination/a viva voce. 

This assessment will satisfy Learning Outcome 1 (LO1) by requiring students to demonstrate their understanding of how the regulatory regime of Chapter 7 of the Corporations Act operates across different transactions and businesses within the financial services industry. It will satisfy Learning Outcome 2 (LO2) by requiring students to identify and balance different stakeholder perspectives on how financial services regulation does and should apply to a range of situations involving providers and clients of financial services and financial products. It will satisfy Learning Outcome 3 (LO3) by requiring students to apply relevant financial services provisions to a range of common scenarios involving financial services and financial products.

 Assessment requirement to pass a unit of study

A student must make a genuine attempt at all assessment tasks set out in this Unit of Study in order to obtain a Pass mark and grade (or above); otherwise an Absent Fail grade will be recorded as the student’s result for this Unit of Study.

Assessment criteria

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100	Completely answers the question. Contains striking originality of approach or analysis. Demonstrates exhaustive or innovative research (where independent research required). Exceptionally well written, structured and expressed. Is otherwise exceptional in some way.
Distinction	75 - 84	Completely answers the question. Achieves a critical and evaluative approach to the issues. Content and structure is well organised in support of the argument. Demonstrates extensive research and analysis to support a well-documented argument. Generally well expressed and free from errors. Has a clear structure and is well articulated.
Credit	65 - 74	Covers main issues fairly well in answering the question. Contains no significant errors. Demonstrates an attempted critical approach to the issues. Demonstrates reasonably sound research and analysis in addressing the key issues. Has a clear structure and reasonably clear expression.
Pass	50 - 64	Identifies the key issues, but does not follow through with a reasoned argument. Contains some significant errors. Displays satisfactory engagement with the key issues. Offers a descriptive summary of material relevant to the question. Superficial use of material, and may display a tendency to paraphrase. Demonstrates little evidence of in-depth research or analysis. Adequate expression. Overall, demonstrates the minimum level of competence in the assessment and satisfies the requirements to proceed to higher-level studies in the degree or subject area.
Fail	0 - 49	Does not answer the question. Contains significant or numerous errors. Few or no identifiable arguments. Content that is inappropriate or irrelevant. Lack of research or analysis. Difficult or impossible to understand through poor grammar, expression or structure. Overall, does not demonstrate the minimum level of competence in the assessment.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

The late submission of a piece of submitted assessment, which has not been granted an extension, will attract a penalty of 10% of the total marks available for the piece of assessment per calendar day or part thereof. This means a submission after 6pm on the due date will attract a 10% penalty, and from midnight will attract a 20% penalty etc. Late penalties do not apply to exams and tests and any late submission will not be accepted.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Ongoing	Day 1: Introduction to the financial services industry in Australia, background to Ch 7 (Wallis Inquiry, Financial System Inquiry, Hayne Royal Commission), regulatory framework (role and powers of ASIC), Market licenses	Block teaching (7 hr)
	Day 2: Regulating the provision of financial advice (financial services, SOA, FSG), obtaining and AFSL (obligations of AFSL holders, responsibility for authorised representatives), retail and wholesale clients,	Block teaching (7 hr)
	Day 3: Regulating the sale and distribution of financial products (PDS), design and distribution laws, product intervention laws	Block teaching (7 hr)
	Day 4: Dealing with defective advice, defective products, litigation, case studies	Block teaching (7 hr)

Attendance and class requirements

Attendance: All students are required to attend 70% of classes (or as otherwise specified by the Unit Coordinator) to satisfy the pass requirements for each unit of study. Failure to meet this requirement may result in a student being precluded from sitting the final assessment.

For units offered in Intensive mode, participation in all scheduled sessions may be expected by a Unit Coordinator in order to satisfy the requirements of the unit.

Word count penalty: A piece of assessment which exceeds the prescribed word limit will attract a penalty of 10% of the total marks available for the piece of assessment for every 100 words, or part thereof. The total word count for essay and other written assessments will exclude bibliography; footnote numbers; footnote citation; cover page and include body text; headings and sub-headings; quotations; anything other than numbers and citations in footnotes.

Referencing: The Sydney Law School expects you to use the Australian Guide to Legal Citation (4th edition, 2018) for your footnoting style, although you should confirm this with your lecturer, and a link to the library website where this is set out comprehensively is available at https://libguides.library.usyd.edu.au/c.php?g=508212&p=3476376

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

The required readings will be provided on Canvas together with the Reading Guide.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. understand how the regulatory regime of Chapter 7 of the Corporations Act operates across different transactions and businesses within the financial services industry.
LO2. identify and balance different stakeholder perspectives on how financial services regulation does and should apply to a range of situations involving providers and clients of financial services and financial products
LO3. apply relevant financial services provisions to a range of common scenarios involving financial services and financial products

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

This unit has been completely revised since its last offering.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

LAWS6264: Compliance: Financial Services Industry

Semester 2b, 2022 [Block mode] - Remote

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect