Update on ASIC Authorised Representative Register
Executive Summary
ASIC is making changes to the ASIC register of Authorised Representatives that will take effect from 3 March 2015 and will affect all Australian Financial Services licensees.
The changes will affect the way licensees appoint and update details for their authorised representatives (including those that are not financial advisers – see separate update on the new Financial Adviser’s register requirements).
The forms currently used in the AFS licensee and AFS authorised representative portal will be replaced by new transactions available in the ASIC Connect online portal which is available via ASIC’s website. The purpose of the changes is to allow for more streamlined online lodgement and payment processes.
The Government’s also intends to change the way fees are charged for notifications to the ASIC authorised representatives register. They are to be increased.
There will be a transition period from 3 March 2015 to 30 September 2015 as the new registers are established.
Licensees will in most cases need to create an ASIC connect account by 9 March 2015.
Key dates and Arrangements
From 3 to 8 March 2015 the following online form will be removed from the AFS licensee and AFS authorised representative portal:
- Form FS30 Variation to ASIC authorised representatives register – appoint an authorised representative
From 9 March 2015, ASIC plans to have a new online transaction to appoint authorised representatives via ASIC Connect.
If a licensee needs to urgently appoint an authorised representative during 3 – 8 March 2015 it can do so using the paper form available at http://www.asic.gov.au/regulatory-resources/forms/. However, ASIC will not update the register until 9 March.
From 3 March 2015 until further advised the following online forms will be removed from the AFS licensee and AFS authorised representative portal:
- Form FS31 Variation to ASIC authorised representatives register – revoke an authorised representative
- Form FS32 Variation to ASIC authorised representatives register – vary the details of an authorised representative
ASIC has stated that the new vary and revoke online transactions will be available in the coming months. If a licensee needs to vary or revoke after 3 March 2015 but before the online transaction becomes available, they will need to do so using the paper form available at http://www.asic.gov.au/regulatory-resources/forms/.
Fee changes
Currently, fees are levied on a ‘per notice’ basis, meaning that irrespective of the number of authorised representatives listed on the one form, only one fee is payable.
From 3 March 2015, the lodgement fee will apply to each authorised representative to which the notice relates. That is, if there are 10 authorised representatives, the fee will be 10 x the fee payable.
During the transition period from 3 March 2015 to 30 September 2015, if a licensee is notifying ASIC of an individual who holds two roles, the fee will be charged on a per role basis.
After the transition period, a licensee will only be charged one fee to appoint or update details for an individual who holds two roles.
During the transition period, there will be no lodgement or late fees imposed for entities who:
- lodge a variation to the ASIC authorised representative register;
- revoke an authorised representative; or
- vary details of an authorised representative.
Getting started with ASIC Connect
Licensees will need to sign up for an ASIC Connect account. This will allow licensees to appoint new authorised representatives and, in the future, update their details. If licensees have authorised representatives that can make further appointments they will need their own ASIC Connect account.
ASIC Connect can be accessed from ASIC’s website at https://asicconnect.asic.gov.au/login/login.html/.
Further Information
To assist licensees, ASIC has:
- prepared a guidance document, which sets out the above information in relation to the authorised representative register changes;
- developed a dedicated Financial Adviser Register webpage – www.asic.gov.au/far, that will be regularly updated with new information.
Licensees can subscribe to an update service available on the ASIC webpage to receive update emails about the register and send direct questions about the register to [email protected]
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