We regularly train Responsible
Managers ("RMs") of AFS
licensees to help them better understand their role.
Many RMs are curious to know what they have to do and whether
they are personally exposed. To get a handle on these issues, you
need to understand the framework in which RMs exist.
Before RMs, there were...
At the beginning of the AFS licensing regime, ASIC referred to
RMs as "Responsible Officers". This appears to have been
designed to pick up on a provision in section 913B of the
Corporations Act 2001 ("the Act") relating to
"responsible officers". That section said (and still
says) that ASIC must (and may only) grant an AFS licence if
"there is no reason to believe that any of the applicant's
responsible officers are not of good fame or character".
