Australian Financial Services Licensing (AFSL) Forum

This topic contains 1 reply, has 2 voices, and was last updated by  Michelle Chasser 6 years, 3 months ago.

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  • #4620 Reply

    Damien Davis

    Hi,

    I’ve been trading fx for over five years and wish to obtain the required license to become an Australian financial manager using an Australian regulated broker, ( IC Markets, Pepperstone, Global Prime), I have done some research and found that I may require a RG146 but there are many courses under this degree?

    As I am a profitable trader and am only interested in trading, nothing else, I’d really appreciate some direction on exactly what it is that I need to obtain to allow me to operate a PAMM/MAM account legally.

    As I have no idea about the requirements, a step by step process would be appreciate, What exact courses, followed by who to register through, I assume I present my qualifications upon successful completion to ASIC to become licensed but I am making an assumption, do I also need to obtain a business name ect?

    Kind Regards,

    Damien

    #4625 Reply

    Hi Damien,

    Thanks for the question.

     

    As a starting point, we would suggest that you read the licensing kit contained in RG 1, 2 and 3 which can be found on the ASIC website.  RG105 will also provide a better understanding of organisational competence and requirements of responsible managers.  It includes some information about the education courses accepted by ASIC.

     

    When applying for a financial services license it is often difficult to find a suitable responsible manager to demonstrate the licensee’s competence to provide financial services, and who has the required qualifications and experience.

     

    Under ASIC’s RG105 there are five options available to demonstrate the skill and knowledge required of a responsible manager.  To demonstrate skill, the minimum ‘relevant experience’ is 3 years within 5 years.  It may be that not all industry experience is accepted, depending on the circumstances.  Generally the experience component should be served under another AFSL in the form of qualifications.  Working or trading on your own behalf will likely not be accepted.  The knowledge component must also be satisfied.  RG146 alone may not be enough to meet the requirements.

     

    Given the nature of the forum we refrain from discussing your proposed business structure and the circumstances which relate to your need for a financial services license.

     

    The requirements are complex and we would advise you to seek legal advice on the matter to ensure you meet the minimum requirements set by ASIC.

     

    Please feel free to contact our financial services team if you require further information.

     

    Author: Michelle Chasser

    Co-contributor:  Georgia Dixon

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