Hi Jafri,
Thank you for your question.
Yes, a person holding a limited Australian Financial Services (AFS) licence may appoint authorised representatives. The ability to appoint representatives under section 916A of the Corporations Act applies to all AFS licensees, regardless of their particular authorisations or whether they hold a full or limited AFS licence.
Representatives appointed by a Licensee who holds a limited AFS licence can only be authorised to provide services that are covered by the limited AFS licence, i.e. they cannot be authorised to provide services that would require a full AFSL. However, some limited licensees have a prohibition or restricted number of allowed Authorised Representatives (ARs). You should carefully search your licence conditions, and ASIC’s cover letter to your licence, for any such prohibitions or restrictions before appointing ARs.
Please feel free to contact our financial services team if you require further assistance.
Authors: Paul Derham (Partner), Laura Sullivan (Lawyer) and Nicolette Tan (Legal Clerk)
