Notifying ASIC of the appointment of an AFS authorised representative
This is Information Sheet 88 (INFO 88).
If you are an Australian financial services licensee (AFS licensee) or an authoriser appointing authorised representatives to provide financial services under s916A or s916B of the Corporations Act 2001 (Corporations Act), you must notify us within 30 business days of the appointment: see s916F(1) and see also regs 7.6.04AA and 7.6.08(1) of the Corporations Regulations 2001.
How can you notify us?
Notify us of the appointment of authorised representatives online through ASIC Connect. When you lodge online, the information you submit is updated on the AFS Authorised Representatives Register immediately. This means that you can find out the ASIC number allocated to your authorised representatives straight away by searching our Professional Registers.
For instructions on how to use ASIC Connect, refer to User guides for AFS licensees and authorised representatives and to AFS licensees - Financial advisers register.
If you are a licensee appointing a sub-authorised representative
When you appoint an authorised representative, you must indicate whether the authorised representatives you have appointed are able to sub-authorise individuals to provide financial services on your behalf. If you do not notify us that they have your consent to sub-authorise, we will not accept any subsequent notifications of authorised representatives from them.
If you are an authoriser
If you are authorised by an AFS licensee to sub-authorise representatives, it is your responsibility to lodge the notice of appointment for the authorised representatives you appoint.
The licensee may lodge the form on your behalf, but they must specify your authorised representative number (allocated by ASIC) and ABN (if relevant).
You need not notify in some circumstances
Under s916F (as modified by reg 7.6.08(3)), you do not need to notify us of the appointment of your sub-authorised representatives if all of the following conditions are met:
- they are your employees and included in a specified class of individuals that the licensee has consented to authorise under s916B(5);
- the financial services they are authorised to provide are limited to:-
- general advice on and/or dealing in general insurance products, cash management trust interests or basic deposit products and related non-cash payment facilities (see reg 7.6.04A); and/or
- personal advice on basic deposit products and related non-cash payment facilities; and
- you provide information about them and their authorisation when requested.
Notifying of changes to authorised representatives
Any updates to an authorised representative's details or authorisation can be made using ASIC Connect. You must notify us within 30 business days.
If you cease the appointment of an authorised representative, you must notify us using ASIC Connect within 30 business days.
You will find more answers to your questions about financial services regulation on the Financial Service professionals page.
For more information contact ASIC on 1300 300 630.
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.
Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.
This information sheet was reissued in November 2016.