Australian Financial Services Licensing (AFSL) Forum

Home Forums Australian Financial Services Licensing (AFSL) Forum CAR for Investment management of Stocks, Futures, Options globally Reply To: CAR for Investment management of Stocks, Futures, Options globally

#4987 Reply

Andrew Ham
Member

Hello Clinton,

 

Thank you for your question.

 

As you mentioned, ASIC maintains a register of Australian Financial Services licensees showing their authorised representatives.  However there is no simple way to identify licensed businesses with the authorisations you require.  You may or may not find that licensees on the ASIC register are willing to appoint authorised representatives.

 

The best course may be to seek potential leads from industry bodies, but you will otherwise need to rely on your own network.

 

Becoming an authorised representative is a big decision and there are several things you need to consider.  We would recommend that you familiarise yourself with the issues we set out in Holley Nethercote’s paper, “Authorised Representative Agreements – The Essential Terms”.  You should also consider obtaining your own legal advice to confirm the authorisations you require.  This will ensure that the AFS licensee you identify as a potential partner not only has the necessary authorisations, but is a good cultural fit for, and can effectively support, your business.  You should also bear in mind that there are some financial services that only a licensee can provide.

 

As licensees are responsible for the compliance of their CARs you may find that they will require you to fit in with their model when it comes to the support they provide.

 

Please feel free to contact our Financial Services Team for further information.

 

Author: Andrew Ham (Senior Lawyer)

Co-contributor: Greta Walters (Law Clerk)

 

  • Free answers to common Financial Services Regulation (FSR), Consumer Credit and AML/CTF issues.

    Click here to join our LinkedIn group for responsible managers and compliance professionals.
    joinUsOnLinkedIn
  • Training

    Regulatory Compliance Training for Directors, Responsible Managers and Compliance Staff

    View Courses

  • Legal Advice

    Review your AFSL or ACL disclosure documents, conduct a licensee audit and more…

    Get Legal Advice

  • Compliance support

    The HN Hub – an online platform built to support Responsible Managers and Compliance Staff

    More