Applying to be a crowd-sourced funding intermediary
To be a CSF intermediary, you must have an AFS licence that expressly authorises you to provide a crowd-funding service. Applicants should refer to the guidance set out in Regulatory Guide 262 Crowd-sourced funding: Guide for intermediaries (RG 262) in preparing their applications.
Applications for an AFS licence can be submitted online through the AFS licensee portal or the registered agent portal.
Note: Applicants should be aware that, in many cases, the assessment of applications can depend on matters beyond the control of ASIC or an applicant, including the time taken to conduct standard intelligence checks and probity (good fame and character) validations with external organisations and, where relevant, international regulators. ASIC’s assessment should be considered in the context of general processing times for AFS licences which may take some months.
CSF intermediaries or other entities seeking to offer secondary trading would typically require an Australian market licence or be exempt from the requirement to hold an Australian market licence. – see Regulatory Guide 172 Financial markets: Domestic and overseas operators (RG 172).
ASIC also reminds applicants that it will only discuss issues relating to particular applications with the individual applicants themselves.
Information required for CSF authorisations
In order to expedite our assessment of CSF applications applicants will need to include the following CSF-specific information in their application, in addition to the standard documentation ASIC requires for all licence applications (see Regulatory Guides 1, 2 and 3):
- answers to the C11 questions
- the information set out in the additional C11 proof
- B5 Adequacy of resources (additional non-core proof documents) – Information Technology Capacity Statement.
During our assessment we may requisition further responses or documentation.
Inquiries relevant to the licensing process for CSF intermediaries should be sent to the dedicated crowd-funding service email address at: email@example.com.
Relevant regulatory guides:
- RG 1 AFS Licensing Kit: Part 1 – Applying for and varying an AFS licence
- RG 2 AFS Licensing Kit: Part 2 – Preparing your AFS licence or variation application
- RG 3 AFS Licensing Kit: Part 3 – Preparing your additional proofs
- RG 104 Licensing: Meeting the general obligations
- RG 105 Licensing: Organisational competence
- RG 126 Compensation and insurance arrangements for AFS licensees
- RG 165 Licensing: Internal and external dispute resolution
- RG 166 Licensing: Financial requirements
- RG 181 Licensing: Managing conflicts of interest
- RG 261 Crowd-sourced funding: Guide for companies
- RG 262 Crowd-sourced funding: Guide for intermediaries