Compliance
Regulatory Architecture
Brolly’s current operating perimeter, licensing architecture and statutory compliance framework.
Advisory Engagement Framework
The Company has established professional engagements with Ernst & Young (EY) to define its licensing perimeter and statutory obligations. These engagements are governed by a Master Tax Services Agreement and a Master Legal Services Agreement.
EY was engaged to provide legal and regulatory advice concerning the National Consumer Credit Protection Act 2009 (Cth), Corporations Act 2001 (Cth), Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), Privacy Act 1988 (Cth) and Banking Act 1959 (Cth).
Credit Licensing (ACL) Position
The Company does not hold an Australian Credit Licence. Operations are structured around the short-term credit exemption in section 6(1) of the National Credit Code.
- Fixed term: Loans are limited to 30 calendar days.
- Cost cap: A fixed service fee of 5% of principal applies.
- Interest: 0% interest is charged.
Financial Services Licensing (AFSL) Position
The Company does not hold an Australian Financial Services Licence. Its activities are structured within the current perimeter described in the Company’s professional advice.
- Managed investment schemes: The platform uses bilateral matching rather than pooled funds or a common enterprise.
- Debentures: Lender funds are matched to borrower requests rather than used as general working capital.
- Non-cash payment facilities: Payment infrastructure is provided by Monoova Payments Pty Ltd.
Statutory Compliance Obligations
The Company is enrolled with AUSTRAC for its designated services and has adopted a Board-approved AML/CTF Program with Know Your Customer verification protocols.
Target Market Determination
Design and Distribution Obligations (DDO): The Company complies with the DDO regime under Part 7.8A of the Corporations Act. This includes the maintenance of a Target Market Determination (TMD) and the implementation of automated “choice architecture” to restrict product distribution to the identified target market.
This is the public TMD statement previously published on Brolly’s Compliance page. For the current determination or a compliance enquiry, contact [email protected].
Reliance notice
Professional advice obtained by the Company is addressed to the Company and may not be relied on by third parties. This page is factual information only and is not legal, financial, credit or investment advice.