What Authorisations are required for an AFSL?
The AFSL application will need both ‘advice’ and ‘dealing to acquire, vary or dispose’ authorisations in all of these financial products unless an advice exemption applies. You will also need the authorisations to cover managed investment schemes, i.e. so you can advise and deal in your own fund.
What are the minimum continuing professional standards for responsible managers?
Continuing professional development Your responsible managers should undertake at least 20 hours of CPD per year, which may consist of a combination of relevant credit-related educational activities.
What is a key person AFSL?
‘Key person’ licence conditions If you are heavily dependent on the competence of one or two responsible managers (e.g. in a small organisation with one or two principals), we will generally impose a ‘key person’ condition on your AFS licence: see RG 105.93.
What is an Afsl responsible manager?
Responsible Managers are the people that a licensee appoints to demonstrate to ASIC that it has the knowledge, skills and experience required to provide the financial services it is authorised to on its Australian Financial Services licence (AFSL).
How do you become a responsible manager?
To qualify as a Responsible Manager, you need to: Have appropriate knowledge and skills for the financial services and products your role relates to. Be directly responsible for significant day-to-day business decisions about your organisation’s ongoing provision of financial services.
What is an AFSL responsible manager?
What is AFSL compliance?
Compliance Support AFSL Compliance was established in 2010. We provide support to financial planning practices which hold their own Australian Financial Services licence or are looking to obtain their own licence.
How do I check Afsl license?
The ASIC Connect Professional Registers will tell you if the company or person holds an AFS licence. You can also check ASIC Connect within the ‘organisation and business names search’ to see if a scheme is registered with ASIC.
What do you need to know about managing an AFSL?
Managing an AFSL: Compliance, liability and risk. “ Compliance obligations are broader than strict legal requirements and incorporate standards of integrity and ethical behaviour. ”
Where can I find responsible managers ( RMS ) for AFSLs?
We support Responsible Managers of AFSLs and ACLs through our online compliance portal, the HN Hub: Quarterly and biannual Industry Compliance Forums for different industry groups (Advice Licensees, Accountants, Payments Businesses/Money Remitters, CFD Providers, Consumer Credit Licensees)
What are the financial obligations of an AFS licensee?
AFS licensees must meet certain financial obligations. These obligations vary depending on the financial products and services you offer. Enhanced financial obligations apply to AFS licensees following changes made to net tangible asset and preparation of cash flow projections requirements. AFS licensees impacted by these changes are:
When to notify ASIC of AFS license change?
What details can you change using form FS20? Why must you notify ASIC? As an AFS licensee, you should notify us of any changes to your responsible managers within 10 business days of any change occurring.