how many applications to ASIC can you be on at one time

[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

[David Court]

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 Jaksa & Amelia Walsh

[Author]

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