As Members would be aware, the Corporations Act prohibits a person who is not a market participant (or authorised one) from referring to themselves as a ‘…stockbroker or sharebroker, or any other word or expression (whether or not in English) that is of like import to that expression…’. (s923B)

 Members continue to raise concerns about the use of the term stockbroker in reference to collapses such as the Geelong ‘finance firm’ Chartwell. Sometimes this is the fault of the firm itself, sometimes the press or other commentators.

 SDIA is doing all it can – for example raising the matter with regulators and through the lifting of standards in stockbroking through the SDIA Professional Program – to positively differentiate stockbroking from businesses outside the market. Where we find an apparent breach of the legislation, we also forward it to ASIC for action.