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14.02.2019

News

More details needed for AFSL applications

ASIC now requires companies applying for an AFS licence (AFSL) to provide additional information and documentation. The new requirements do not apply to existing AFSL holders seeking to vary their licence or to AFSL applications lodged by applicants that are not a company.

The applicant needs to complete a pro forma declaration which is designed to collect the full names of the applicant's responsible officers (ROs); the full name, residential address, and position of the directors and secretaries of the applicant; and any ABNs held by the applicant.

All ROs need to annex a current national criminal history check and a national bankruptcy check to the declaration. ROs who are also responsible managers need to provide these checks as part of their People Proofs.

The pro forma declaration requires the applicant to declare the information provided in the declaration is true and correct, and —

  • all of the applicant's ROs are named in the declaration
  • each RO is of good fame and character, and
  • the applicant is not aware of any misconduct by any of the ROs.

The new requirements follow consultations and submissions about strengthening ASIC's licensing powers, particularly the recommendation by the Enforcement Review Taskforce for alignment with the enhanced Australian credit licence assessment requirements.

Please contact associate Elliott Stumm or a member of our Funds Management team if you have any questions about these new requirements or wish to apply for an AFSL.


Authors

Elliott Stumm

Elliott Stumm

Partner

Contact McMahon Clarke

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