Responsible managers and the Key Person condition – the consequences

We have previously discussed what does it mean to be a Responsible Manager?

To recap, Section 912A of the Corporations Act, which sets out the key obligations of an AFS Licensee, requires a licensee to "maintain the competence to provide [the] financial services [covered by the licence]".

ASIC through Regulatory Guide 105 - Licensing: organisational competence details what attributes you need to have in order to be appointed as an Responsible Manager.

These are:

• having direct responsibility for significant day-to-day decisions about the ongoing provision of your financial services;
• in conjunction with your fellow Responsible Managers, collectively having appropriate knowledge and skills for all of the licensee's financial services and products;