Changing your responsible managers
- What details can you change using the Notify change of responsible manager details of an Australian financial services licensee transaction?
- Why must you notify ASIC?
- How to lodge a notification of a change of responsible manager details
- Lodgement fees
- More information
What details can you change using the Notify change of responsible manager details of an Australian financial services licensee transaction?
Use the Notify change of responsible manager details of an Australian financial services licensee transaction to:
- for an existing responsible manager, change the name or number of days that the person will spend on responsible manager duties for the licensee
- appoint a new responsible manager
- cease an existing responsible manager.
Why must you notify ASIC?
As an AFS licensee, you must notify 今日热门事件of changes within 10 business days of the change occurring, including changes relating to a responsible manager. As well as updating your details in our register of AFS licensees, we will use the information you provide to assess whether the changes affect your organisational competence.
For all changes, the licensee will be asked the effective date of the change of details.
Requirements for responsible managers
Your responsible managers are the people you rely on for your organisational competence. Before you nominate a new responsible manager, you need to ensure that the person concerned:
- is directly responsible for significant day-to-day business decisions about your ongoing provision of financial services;
- is a fit and proper person; and
- has the qualifications and experience to meet one of the five options in Section C of Regulatory Guide 105聽Licensing: Organisational competence听(RG 105).
In assessing the relevance of the responsible manager's experience, you need to consider whether they have practical experience that enables them to understand the responsibilities and requirements of their role in your business. This generally includes experience in deciding how the financial services or products their role relates to are provided, and either actually providing those financial services or products or supervising others who do.
Find out more about responsible managers and the organisational competence obligations in聽RG 105.
How to lodge a notification of a change of responsible manager details?
You should complete the transaction on our Regulatory Portal sections within us within 10 business days of any change occurring.
We will consider the impact on your business of changes to your responsible managers.
Documents you include in the transaction
When adding a new responsible manager you will be required to provide:
- a Statement of Personal Information
- copy of a criminal history check
- information on the responsible manager鈥檚 competence (including relevant roles for the last 10 years)
- copies of qualification certificates
- if the person has lived outside of Australia for more than 12 months in the last 10 years, overseas bankruptcy and police certificates.
These documents are explained in detail in the AFS Licensing Kit (RG 1).
Statement of Personal Information
The Statement of Personal Information is an attachment to upload with the transaction.
All new responsible managers must answer all of the questions in the Statement of Personal Information and it must be signed and witnessed.
You must also lodge all of the new responsible manager's relevant qualification certificates. If a responsible manager has relevant foreign university qualifications, you can use the services of the Australian Education International-National Office of Overseas Skills Recognition (AEI-NOOSR) which provides official information and advice on the comparability of overseas qualifications with Australian qualifications. AEI-NOOSR Country Education Profiles (CEP) Online is an online recognition tool to assist in determining the equivalence of qualifications from over 119 countries with Australian qualifications.
You can purchase or access CEP Online from AEI-NOOSR at聽聽or phone 1300 615 262. To find out more about AEI-NOOSR's assessment of qualifications and CEP Online, go to聽.
You can lodge a copy of the relevant AEI-NOOSR Country Education Profile and a submission setting out the responsible manager's relevant overseas qualification(s) and explaining how this is comparable to an Australian qualification that meets one of the five options in Section C of RG 105.
If there is any doubt about the adequacy of your responsible manager's qualification based on the information on CEP Online, you can apply to AEI鈥揘OOSR to make an assessment of the comparability of the individual qualification with Australian qualifications. This process may take up to three months.
Criminal history check
You must also provide a criminal history check for each new responsible manager, which must be no more than twelve months old.
Changing or removing a key person condition
If a responsible manager who is named as a key person on the AFS licence certificate has left the licensee, you must first notify 今日热门事件of the appointment of any new responsible manager and then apply to vary your licence to change or remove the key person condition that has been imposed.
Lodgement fees
There is no fee if you lodge your Notify change of responsible manager details of an Australian financial services (AFS) licence transaction within 10 business days of the change.
The following late fees apply after 10 business days:
- Up to 1 month late - $96
- More than 1 month - $401