Ongoing licensee obligations

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Overview

RG 36 Licensing: Financial product advice and dealing

RG 104 AFS licensing: Meeting your general obligations

RG 105 Licensing: Organisational competence

RG 146 Licensing: Training of financial product advisers

RG 165 Internal and external dispute resolution

RG 256 Client review and remediation conducted by advice licensees

RG 269 Approval and oversight of compliance schemes for financial advisers

RG 277 Consumer remediation (see 20-308MR and 22-260MR)

INFO 202 Disputes about the financial advisers register

INFO 237 Protecting against share sale fraud

REP 555 Cyber resilience of firms in Australia’s financial markets

ASIC Corporations (Professional Standards—Transitional) Instrument 2018/894 (see 19-309MR)

Adviser training

INFO 260 FAQs: Timeframe for passing the financial adviser exam (see news item - September 2021)

RG 104 Licensing: Meeting your general obligations

RG 146 Licensing: Training of financial product advisers

RG 269 Approval and oversight of compliance schemes for financial advisers

ASIC Corporations (Professional Standards—Transitional) Instrument 2018/894 (see 19-309MR)

ASIC Corporations (Existing Providers) Instrument 2022/241

CO 09/340 External dispute resolution procedures

REP 595 Response to submissions on CP 300 Approval and oversight of compliance schemes for financial advisers

Related information

For finance professionals > AFS licensees > Professional standards for financial advisers

For finance professionals > Financial services > Financial advice > Educational requirements > Financial adviser exam

Authorised representatives

RG 104 Licensing: Meeting your general obligations

RG 146 Licensing: Training of financial product advisers

RG 175 Licensing: Financial product advisers - Conduct and disclosure 

RG 269 Approval and oversight of compliance schemes for financial advisers

INFO 88 Notifying ASIC of the appointment of authorised representatives

INFO 91 Who can be the authorised representative of a licensee?

INFO 202 Disputes about the financial advisers register

INFO 250 Giving AFS and credit licensees information about their representatives (see news item)

Client accounts

RG 104 Licensing: Meeting your general obligations

RG 179 Managed discretionary account services

INFO 226 Complying with the ASIC Client Money Reporting Rules 2017

REP 546 Response to submissions on CP 291 Reporting rules: Derivative retail client money

Codes of conduct

CP 310 Review of ePayments Code: Scope of the review (see 19-049MR)

19-319MR ASIC outlines approach to advice licensee obligations for the financial adviser code of ethics

RG 183 Approval of financial services sector codes of conduct

RG 269 Approval and oversight of compliance schemes for financial advisers

REP 329 Response to submissions on CP 191 FOFA: Approval of codes of conduct for exemption from opt-in requirement

ASIC Corporations (Approval of Banking Code of Practice) Instrument 2019/663 (see 19-162MR)

ASIC Corporations (Approval of March 2020 Banking Code of Practice) Instrument 2019/1255 (see 19-358MR)

ASIC Corporations (Approval of Variation of March 2020 Banking Code of Practice) Instrument 2020/602 (see 20-148MR)

ASIC Corporations (Approval of Variation March 2020 Banking Code of Practice) Instrument 2021/11 (see 20-003MR)

REP 718 Response to submissions on CP 341 Review of the ePayments Code: Further consultation (see 22-041MR)

Related information

Home > Regulatory resources > Financial services > ePayments Code

Home > For consumers > Codes of conduct

Compensation arrangements

RG 126 Compensation and insurance arrangements for AFS licensees

RG 166 Licensing: Financial requirements

RG 172 Australian market licences: Australian operators

RG 177 Australian market licences: Overseas operators

RG 256 Client review and remediation conducted by advice licensees (see 20-308MR, 21-307MR and 22-260MR)

RG 277 Consumer remediation (see 20-308MR, 21-307MR and 22-260MR)

Conflicted remuneration

RG 246 Conflicted remuneration (see 20-318MR)

REP 328 Response to submissions on CP 189 Future of Financial Advice: Conflicted remuneration

ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125 (see 21-058MR)

Derivatives

RG 227 Over-the-counter contracts for difference: Improving disclosure for retail investors

Dispute resolution

This section contains:

Overview

RG 165 Licensing: Internal and external dispute resolution (applies until 5/10/2021: see MR 20-171)

See also 'Internal dispute resolution' below

REP 665 Response to submissions on CP 311 Internal dispute resolution: Update to RG 165 (19-115MR)

INFO 236 Dispute resolution for Indigenous corporations

The Australian Financial Complaints Authority (AFCA)

18-123MR ASIC welcomes AFCA authorisation

19-182MR ASIC ensures licensees meet their AFCA membership obligations

19-224MR ASIC approves AFCA rule change enabling the naming of firms

RG 267 Oversight of the Australian Financial Complaints Authority

INFO 176 What to do if you are dissatisfied with a decision by the Australian Financial Complaints Authority

ASIC Credit (AFCA transition) Instrument 2018/448 (see 18-158MR)

ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814

ASIC Corporations (AFCA Regulatory Requirement) Instrument 2020/0433

ASIC Corporations (AFCA Regulatory Requirement) Instrument 2021/0002

19-145MR ASIC approves AFCA Rules change for legacy complaints

External dispute resolution before AFCA

RG 139 Approval and oversight of external dispute resolution schemes

REP 308 Response to submissions on CP 172 Review of EDR jurisdiction (debt recovery legal proceedings)

Internal dispute resolution

REP 603 The consumer journey through the Internal Dispute Resolution process of financial service providers

ASIC Corporations and Credit (Internal Dispute Resolution – Transitional) Instrument 2019/965

RG 165 Licensing: Internal and external dispute resolution (applies before 5/10/2021: see MR 20-171)

REP 665 Response to submissions on CP 311 Internal dispute resolution: Update to RG 165 

RG 271 Internal dispute resolution (applies after 5/10/2021: see MR 20-171) - see also RG 267 and ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98

ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716 

Internal dispute resolution (IDR) data reporting framework

IDR Data Reporting Handbook (PDF 1.4 MB - reissued 5/5/2023)

IDR data reporting handbook: Overview of changes between March 2022 and April 2023 (PDF 336 KB): see 23-117MR

ASIC Corporations (Amendment) Instrument 2023/282

ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205

Related information

Home > Regulatory resources > Financial services > Dispute resolution > Internal dispute resolution data reporting

Background

CP 311 Internal dispute resolution: Update to RG 165 (incl. submissions) (see 19-115MR)

Attachment 1 to CP 311: Draft updated RG 165 (PDF 879 KB)

Attachment 2 to CP 311: Draft data dictionary (PDF 617 KB)

20-327MR ASIC seeks further feedback on internal dispute resolution data reporting requirements 

Attachment 1 to MR 20-327: Addendum to Consultation Paper 311 Internal dispute resolution: Update to RG 165 (PDF 629 KB)

Attachment 2 to MR 20-327: Internal dispute resolution: Updated draft data dictionary (PDF 435 KB)

21-177MR ASIC publishes Internal Dispute Resolution data dictionary and glossary ahead of pilot

REP 693 Response to submissions on ASIC’s internal dispute resolution data consultations

Data dictionary (pilot version) (PDF 293 KB)

Data glossary (pilot version) (PDF 627 KB)

22-071MR ASIC releases final internal dispute resolution data reporting requirements

 

Dual credit/AFS licensees

INFO 134 Complying with your obligations if you are both a credit licensee and an AFS licensee

Financial reporting and audit

RG 34 Auditors’ obligations: reporting to ASIC

ASIC Corporations (Financial Reporting: Natural Person Licensees) Instrument 2017/307

ASIC Corporations (Foreign Licensees and ADIs) Instrument 2016/186

ASIC Corporations (Records: Dealings on Foreign Markets) Instrument 2016/889

ASIC Corporations (Foreign Licensees and ADIs) Instrument 2016/186

ASIC Corporations (AFSL Audit Opinion) Instrument 2015/586

REP 409 Response to submissions on CP 214 Updated record-keeping obligations for AFS licensees

Related information

22-128MR ASIC announces financial reporting changes for AFS licensees

Regulatory index topic: Financial reporting 

Regulatory index topic: Auditors

Financial requirements

RG 166 Licensing: Financial requirements

Related information

Regulatory index topic: Financial services: Financial services disclosure - Financial services guide

Insurance

INFO 253 Claims handling and settling: How to comply with your AFS licence obligations (PDF 386 KB)

Limited AFS licensees

INFO 227 What can limited AFS licensees do?

INFO 228 Limited AFS licensees: Advice conduct and disclosure obligations

INFO 229 Limited AFS licensees: Complying with your licensing obligations

Managing conflicts of interest

RG 79 Managing conflicts of interest: An ASIC guide for research report providers

RG 181 Licensing: Managing conflicts of interest

RG 172 Australian market licences: Australian operators

RG 177 Australian market licences: Overseas operators

RG 246 Conflicted remuneration

RG 248 Litigation schemes and proof of debt schemes: Managing conflicts of interest

REP 486 Sell-side research and corporate advisory: Confidential information and conflicts

REP 605 Allocations in equity raising transactions

ASIC Corporations (Disclosure of Lack of Independence) Instrument 2021/125 (see 21-058MR)

Organisational competence

RG 105 Licensing: Organisational competence

Reference checking and information sharing

21-180MR ASIC releases reference checking and information sharing protocol for financial advisers and mortgage brokers

INFO 257 ASIC reference checking and information sharing protocol

ASIC Corporations and Credit (Reference Checking and Information Sharing Protocol) Instrument 2021/429

REP 694 Response to submissions on CP 333 Implementing the Royal Commission recommendations: Reference checking and information sharing

Example references for a financial adviser and mortgage broker

Related information

RG 104 AFS licensing: Meeting your general obligations

RG 205 Credit licensing: General conduct obligations

INFO 126 Credit representatives

INFO 134 Complying with your obligations if both credit licensee and AFS licensee

INFO 229 Limited AFS licensees: Complying with your licensing obligations

Relevant providers

INFO 268 FAQs: Regulation and registration of relevant providers who provide tax (financial) advice services

Reportable situations (formerly 'Breach reporting')

Effective 1 October 2021, AFS and Australian credit licensees will be required to submit reportable situations to ASIC via the approved form available in the ASIC Regulatory Portal.

Related information

Home > Regulatory resources > Financial services > Breach reporting by AFS licensees > Reportable situations for AFS and credit licensees

Home > Regulatory resources > Credit > Reportable situations

Breach reporting reforms

 

21-235MR ASIC publishes guidance on breach reporting (7 September 2021)

22-214MR ASIC’s approach to breach reporting: implementation of reportable situations regime (10 August 2022)

23-106MR ASIC releases updated guidance for licensees on reportable situations

RG 78 Breach reporting by AFS licensees and credit licensees (commences 1 October 2021)

Superseded SRG 78 (PDF 782 KB) (continues to apply with respect to certain breaches before 1 October 2021)

INFO 259 Complying with the notify, investigate and remediate obligations

REP 698 Response to submissions on CP 340 Breach reporting and related obligation (see Draft regulatory guide (PDF 613 KB), Draft information sheet (PDF 217 KB) and 21-080MR)

REP 740 Insights from the reportable situations regime: October 2021 to June 2022 (see 22-295MR)

ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716

Whistleblower policies

RG 270 Whistleblower policies

INFO 238 Whistleblower rights and protections (see 19-164MR)

INFO 239 How ASIC handles whistleblower reports (see 19-164MR)

19-038MR ASIC welcomes new whistleblowing laws

19-308MR ASIC gives guidance on companies’ whistleblower policies and relief to small not-for-profits

19-372MR Whistleblower policies required from 1 January 2020 for certain large and public companies

REP 635 Response to submissions on CP 321 Whistleblower policies (see 19-205MR)

ASIC Corporations (Whistleblower Policies) Instrument 2019/1146

Related information

Home > About ASIC > ASIC investigations and enforcement > Whistleblowing

REP 758 Good practices for handling whistleblower disclosures (see 23-046MR)

Last updated: 15/05/2023 04:50