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Carl Desacola
  • Total posts: 21

Hi Mark,

Unfortunately, you cannot just buy an AFSL as you can, say, a taxi licence.

An AFSL is issued by ASIC subject to an entity being able to demonstrate sufficient compliance with the requirements under the applicable ASIC Regulatory Guides and Corporations Act 2001 (Cth), such as:

> Proper qualifications and experience of key personnel;
> Initial and ongoing staff training requirements;
> Adequate IT, HR and financial resourcing;
> Insurance and compensation arrangements;
> Risk management and compliance systems.
> Management of conflicts of interest; and
> Mandatory disclosure documents.

There are quite a few compliance professionals that can help you apply for one for relatively low cost if your business model is fairly simple, but if you have a more complicated business model, then a lawyer with experience in financial services law would be recommended if you want to maximise your prospects of success.

A cheaper alternative is to negotiate with an AFSL holder to appoint you as one of their Authorised Representatives. This will allow you to provide the financial services you want, without having to go through the laborious, time-consuming and expensive process of securing ASIC’s approval.

Please feel free to contact me if you have any further questions on this.

Hope this has been helpful!

Kind Regards,

Carl Desacola, Lawyer & Registered Migration Agent (MARN 1461661)
Winthrop Mason | Business Lawyers & Migration Agents