ASIC has recently reviewed its AFS licence application
assessment requirements and has announced that it now requires any
body corporate applying for an AFS licence (or who has an
application for a AFS licence in progress currently) to provide
additional information regarding its ‘responsible
officers’.
Who is a ‘responsible officer’?
A responsible officer will be any officer who performs duties in
connection with the holding of an AFS licence. An officer of a body
corporate includes:
- a director or secretary of the body corporate;
- a person who makes, or participates in making decisions that
affect the whole, or a substantial part, of the body
corporate’s business, or who has the capacity to
significantly affect the body corporate’s financial standing;
and
