First litigation funding AFSL issued

AFSL Omni Bridgeway ASX ASIC class action

16 September 2020
| By Mike |
image
image
expand image

One of the largest litigation funders, Omni Bridgeway, is the first to have become licensed under the new Government-imposed requirement to hold an Australian Financial Services License (AFSL). 

Omni Bridgeway has announced to the Australian Securities Exchange (ASX) that it had been granted an AFSL by the Australian Securities and Investments Commission (ASIC) allowing it to fund new class actions in Australia. 

The company said it believed it was the first dispute financing company to be issued with a license by ASIC and was pleased with the speed and efficiency with which its license application was handled by the regulator. 

The new regulatory regime requiring litigation funders to hold an AFSL came into law on 22 August removing the prior exemptions from the managed investment schemes (MIS) regime.  

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 hour ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 6 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 4 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 7 hours ago