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Home Forums Australian Financial Services Licensing (AFSL) Forum how many applications to ASIC can you be on at one time

This topic contains 1 reply, has 2 voices, and was last updated by  David Court 5 years, 11 months ago.

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  • #4603 Reply

    Nate

    Hello,

     

    How many applications to ASIC to become an RM for an AFSL can you be on at any one time? Is there a limit. Can you be on more than one application that is currently presented to ASIC?

     

    Thanks

    #4604 Reply

    David Court
    Member

    Hi Nate,

    Thanks for your question.  Technically you can be a responsible manager for more than one AFSL and/or designated on more than one AFSL application that has been presented to ASIC.

    However, a person who is already a responsible manager for another AFSL holder must be able to demonstrate in the B1 Organisational Competence core proof that they will be capable of fulfilling their duties as a responsible manager.  This submission must include:

    •how the responsible manager will allocate their time to ensure they can perform their multiple roles; and

    •how any conflicts of interest that may arise from acting under multiple licensees will be managed.

    We refer you to ASIC Regulatory Guide 2 which contains information on your requirements where a responsible manager is acting on behalf of multiple AFS licensees.

    For further information contact our Financial Services Team.

    Author: David Court

    Co-contributors: Megan JaksaAmelia Walsh

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