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InFocus May 2025 - Volume 34 Issue 4

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Electronic signatures now allowed on Form 362 

In last month’s edition, we mentioned the upcoming change to allow electronic signatures on Form 362 Notification by a company to nominate or cease a registered agent or contact address.

Our Electronic Lodgement Protocol (ELP) is now updated and we’re accepting electronic signatures on this form.

This means ASIC Registered Agents can now collect and store the Form 362 electronically.

The Form 362 must be signed by a current company officeholder. The person signing the form must use one of the following signing options:

  • Physically sign on a paper version of the document,
  • Physically sign on a touchscreen device (eg. by stylus or finger) or
  • Digitally insert an image of the person’s usual signature.

This change removes the dependency on postage of the paper Form 362 to streamline agent appointment. We recognise the importance of facilitating digital signatures and are taking into account some specific requirements before we roll out across our forms. We are very open to hearing about priority forms or classes of forms for the roll out.  You can email us at Agent.Enquiries@asic.gov.au 

For more information, visit our Electronic Lodgement Protocol webpage. You can also see feedback from our current Registry Business Advisory Group (RBAG) members about this change in the April edition of InFocus.

ASIC launches new portal for Australian Financial Services (AFS) licensees 

ASIC has launched its new digital AFS licence application portal.

The new portal, integrated into the ASIC Regulatory Portal, is designed to provide a modern, user-friendly experience for AFS licence applicants and will streamline and facilitate the process for lodging AFS licence related applications and notifications with ASIC.

From 5 May 2025, AFS licence applicants will be able to apply for a new AFS licence through the Regulatory Portal. Additional transactions, including applying to vary and cancel an AFS licence, and AFS licence maintenance notifications, will become available in the coming months.

To facilitate the transition to the new portal, existing eLicensing system will remain operational until all the transactions mentioned above are available in Regulatory Portal. Until this date, AFS licence applicants can choose to lodge an application for a new AFS licence via either the Regulatory Portal or the current eLicensing system.

Anyone seeking to submit an AFS licence application through the Regulatory Portal will need to first register at ASIC Regulatory Portal registration.

For more information, read our News article.

Buy now pay later reforms

From 10 June 2025, providers of buy now pay later contracts will need to hold a credit licence that authorises them to engage in credit activities as a credit provider, subject to transitional arrangements. Providers who do not have their application accepted for lodgement by ASIC by 10 June 2025 may be engaging in unlicensed conduct if they continue to operate.

For more information see INFO 285: Buy now pay later credit contracts: Credit licensing and ASIC alerts buy now pay later providers to apply for a licence under new laws.

Are you the local agent for a registered foreign company?

If your answer is yes, your role as a local agent is very important. Please remember:

  • You are responsible for any obligations the company must meet, and
  • You may be liable for any breaches or penalties.    

ASIC conducts a wide range of corporate compliance programs, including non-lodgement of financial statements for registered foreign companies.

As a local agent, you’re required to:

  • Check your registered foreign companies, and
  • Prepare and lodge the relevant financial statements or annual return with ASIC at least once every calendar year. The time between financial statements cannot occur more than 15 months or within one month after the date of its annual general meeting.

Late fees may apply.

Learn more on our website.

Spotlight article from other Government departments or industries

Updates to the ATO online services login process now in place

The update to the login process ensures your personal information is more secure and better safeguarded.

The next time you use your Digital ID to access services such as Online services for business and Relationship Authorisation Manager, you’ll notice two new screens during the login process.

This is part of the ATO’s commitment to delivering an efficient, stronger and more secure experience. 

For more information visit Logging in to our services is now a little different | Australian Taxation Office

 

Last updated: 07/05/2025 01:00