Compact provides training and compliance services to the financial services industry, and has an intimate knowledge of the requirements for obtaining or varying an Australian Financial Services Licence (AFSL).
Obtaining an AFSL
We can help you apply for an AFSL if you are:
- an Authorised Representative of a licensee and you, for one reason or another, would like to obtain your own AFS licence;
- a new financial services business;
- a foreign company wanting to provide financial services in Australia;
- unsure whether your business needs a licence; or
- changing your business model to provide financial services in Australia for the first time.
Note: we often first recommend that you obtain legal advice in relation to (a) whether you need a licence, and (b) what type of licence you require. We recommend
Holley Nethercote Commercial Lawyers, who have a focussed expertise in financial services. (The principals of Compact are also the partners of the law firm Holley Nethercote Commercial Lawyers. )
Types of AFSLs
Holley Nethercote Commercial Lawyers and Compact have helped the following types of organisations in obtaining legal advice and/or applying for or varying their AFSL:
- foreign exchange (FX) providers
- registered managed investment schemes
- unregistered managed investment schemes
- dealer groups
- financial planners
- online trading platforms
- accounting practices
- benevolent societies
- automotive extended warranty issuers
- goodwill/biotechnology valuers
- property consultants
- business advisers
- underwriters
- financial services software providers
- horse racing syndicates
- telemarketers
- investment-linked mortgages
The Process of Getting or Varying Your AFSL
Click the diagram below to read about the key issues in obtaining an AFS licence or varying an existing AFS licence. We tell you the approximate cost, expected timeframes, and processes that you'll encounter as you obtain or vary your licence. We draw on our years of experience and provide tips and tricks to help make the process as painless as possible for you.
How can we help?
We can help in any of the following ways:
- assisting new industry applicants and authorised representatives to lodge an Australian Financial Services ("AFS") Licence application with the Australian Securities and Investments Commission ("ASIC");
- assisting with options other than obtaining an AFS Licence;
- assistance with the authorisations needed for a licence;
- preparing and processing the e-licensing application on your behalf;
- taking the hassle out of preparing the numerous proofs required by ASIC (eg. Development Program for Responsible Managers, compliance arrangements, risk management etc);
- providing clear guidance/instructions on proofs that must be prepared by the client (eg. cashflow projections, obtaining references);
- obtaining bankruptcy and criminal history checks; and/or
- reviewing an application prepared by you but not yet submitted to ASIC.
Contact us today.