Who can be an authorised representative of an AFS licensee

An Australian financial services (AFS) licensee may appoint ‘authorised representatives’ to provide specified financial services on its behalf. These authorised representatives may be,

  • individuals,
  • bodies corporate,
  • partnerships, or
  • a group of individuals and/or bodies corporate that are the trustees of a trust.

While individuals or bodies corporate who act as trustees of a trust may be authorised representatives, a trust itself cannot be an authorised representative.

Sub-authorisation

Any authorised representative of an AFS licensee may appoint or ‘sub-authorise’ individuals to provide financial services on behalf of the licensee, as long as the licensee consents to the appointment. For example, a body corporate that is an authorised representative will generally need to sub-authorise its directors and employees in order to provide financial services on behalf of the AFS licensee.

An authorised representative that sub-authorises an individual is referred to as an ‘authoriser’.

Notification of appointment

AFS licensees and authorisers that appoint authorised representatives must notify us of the appointments they make. There are limitations to this requirement explained in s916F(1AA) of the Corporations Act 2001(Corporations Act).

More information

To find out how to notify ASIC, see INFO 88 Notifying ASIC of the appointment of authorised representatives.

For more information about what financial services an authorised representative may provide see s916A, 916B and 916F of the Corporations Act and reg 7.6.08(1) and (3) of the Corporations Regulations 2001.

For more information contact ASIC on 1300 300 630.

Important notice

Please note that this information sheet is a summary giving you basic information about a particular topic. It does not cover the whole of the relevant law regarding that topic, and it is not a substitute for professional advice. Omission of any matter on this information sheet will not relieve a company or its officers from any penalty incurred by failing to comply with the statutory obligations of the Corporations Act and the Corporations Regulations 2001.

You should also note that because this information sheet avoids legal language wherever possible, it might include some generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases your particular circumstances must be taken into account when determining how the law applies to you.

This is Information Sheet 91 (INFO 91), reissued in November 2016. Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.

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Last updated: 20/10/2014 12:00