AFSL Holders applying for an ACL

Monday, 13 September 2010 12:21
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If you are a current holder of an Australian Financial Services Licence (AFS licence), you can access the licence application through the Licensees Portal on the Australian Securities and Investments Commission (ASIC) website

The licensing systems will access other ASIC registers and pre-fill some information, which you will need to check is current.  If it needs to be updated, you will need to update this information in the other registers before you can complete the online licence application. Pre-filled information will include principal business address and business names.

When you enter your AFS licence number, the credit licensing system will check whether an entity with that identifying number is a credit representative. If you are a credit representative, a message will be displayed to remind you that you cannot be authorised as a credit representative for the same type of credit activities that are covered by your credit licence.

AFS licensees will be asked fewer questions in the section Do you have arrangements and systems for compliance with the general conduct obligations? as they have already demonstrated they have adequate arrangements for compliance with their obligation s as AFS licensees. ASIC expect that they will comply with their general compliance obligations as credit licensees by maintaining the same type of arrangements. 

For example, the online application will only ask for confirmation about business planning process in the section of Adequacy of resources as you have already demonstrated arrangements for maintaining adequate financial resources and information technology resources to conduct a financial services business.

The same principle applies for the internal dispute resolution section, where you will only be asked questions about hardship application procedures.

 

Last Updated on Tuesday, 17 December 2013 09:53
 

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