InFocus March 2025 - Volume 34 Issue 2

• Launching soon – new portal for Australian financial services (AFS) licence applications
• The improved ASIC Professional Registers Search – March Release
• New Multi-Factor Authentication (MFA) feature is coming
• Meeting ASIC Registered Agent obligations is important
• Registered Agents – Must obtain authorisation for all company changes
• It’s illegal to underpay

Launching soon – new portal for Australian financial services (AFS) licence applications

We’re launching a new digital AFS licence portal in May 2025, which will include the ability to apply for, maintain and vary AFS licences.

The new portal will enhance the digital application process, making it more efficient, secure, and user-friendly. By transitioning to this new digital platform, we aim to reduce processing times and improve the overall user experience for AFS licensees and applicants. This is part of the wider digital transformation we are making towards becoming a more efficient and data-informed regulator.

The pilot program we launched last year, provided valuable insights into the system’s functionality and modern user experience. Information about licences issued via the pilot can be viewed in the Professional registers page.

We’ll continue to provide updates and further information in the coming months leading up to the public launch. Until then, applicants and current AFS license holders will continue to use the existing AFS Licenses portal for applying, maintaining, and varying their licenses.

The improved ASIC Professional Registers Search – March Release

ASIC launched the new Professional Registers Search in December 2024. We’re pleased to announce, users will soon be able to purchase professional registers documents and extracts directly from our Professional Registers Search in coming months.  

Updates will be made to the relevant websites to reflect this change, including further communications closer to the release date.

For more information about this change, visit our Professional registers page. 

New Multi-Factor Authentication (MFA) feature is coming

We’re introducing a new Multi-Factor Authentication (MFA) option for logging into the ASIC Regulatory Portal.

What’s changing?

The introduction of authentication via an authentication app, was originally scheduled for mid to late March and will now begin in April.

You’ll be able to choose between the current email-based MFA (which will remain the default option for all users), or authentication via an app for enhanced security.

Authentication apps offer a faster, more seamless login experience, ensuring both security and ease of access.

We’re working to ensure the introduction of the new MFA option is smooth and secure for all users.

Meeting ASIC Registered Agent obligations is important

ASIC registered agents are authorised by registered Australian companies to submit documents to us for lodgement. You may receive notifications on behalf of a company and provide other administrative business services.

It’s important as a registered agent that you help us maintain public confidence in the information held on the registers and support our role in managing them.

Being bound by our terms and conditions (T&Cs), we regularly monitor for any breaches identified, and we may take further action including cancelling agent registration.

Check out the registered agent T&Cs to understand your ongoing obligations.

Registered Agents – Must obtain authorisation for all company changes

Before lodging a company document with us, you must receive authorisation from the company.

It’s also important to ensure:

• you’re authorised to submit the document by the applicant or entity registered with us,
• you store written authority to submit the document, including the authorisation from the person responsible for submission, and
• the document doesn’t contain false or misleading information, including typographical errors.

Our Electronic Lodgement Protocol (ELP) sets out the terms and conditions for lodging electronic documents with us, including the minimum requirements for storing documents lodged electronically.

We may request verification of the lodgement of documents on behalf of a company at any time, so good record-keeping is important.

Spotlight article from other Government departments or industries

It’s illegal to underpay  New Commonwealth laws apply to the intentional underpayment of wages and other entitlements. That means intentionally underpaying an employee can now be a criminal offence. Honest mistakes aren’t considered a criminal offence. The Fair Work Ombudsman’s website has information about how the new laws work, as well as information on the Voluntary Small Business Wage Compliance Code and supporting guidance material for small business employers.