AFSL Responsible Manager Management

We can assist AFSL holders with the management of their Responsible Managers (RMs).

AFSL Responsible Managers and Key Persons

An RM  is a person who satisfies the knowledge and skills requirements under RG 105 to maintain the authorisation(s) granted to an AFSL holder. It is not necessary for an RM to cover all authorisations on an AFSL, but all RMs, together, must cover the organisational competency requirements for the licensee to maintain all the authorisations under its AFSL.

A licensee may have a ‘key person requirement’ on its AFSL where one or more of its RMs are considered to play a critical role in the operations of the business. A licensee must provide ASIC with a written notice within 5 business days in the event that a key person is leaving the organisation, including the date on which the key person ceases to be an officer or to perform duties for the licensee, and the details of the replacement. Where no replacement is available, you must provide the reasons why. A detailed description of how the licensee will ensure continuous compliance with the Corporations Act and its licence conditions following the departure of the key person will also need to be provided to ASIC.

The replacement of a key person requires the lodgement of an AFSL licence variation, rather than a mere nomination of a new AFSL Responsible Manager.

We may be able to assist your team with the nomination of new RM(s), updating the details and/or engagement of existing RMs and conclusion of RM appointments.

Next Steps

To find out more about how we could assist with AFSL compliance for your business, simply click here to book an obligation-free virtual coffee with our founder and director Xiaoshu Liu.