Authorise representatives correctly (Authorised Representative regime)
AFSL holders must authorise representatives in writing and notify ASIC of new ARs within 15 business days.
Who must comply
AFSL holders using authorised representatives.
What triggers it
Engaging or terminating an AR; varying authorisations.
When due
Notification within 15 business days.
Evidence required
Written authorisation, AR register, ASIC FS20 / FS31 lodgement, AFCA membership confirmation.
Max penalty
Civil penalties + ASIC compliance action
Summary
Sections 916A-916F of the Corporations Act govern authorised representatives. AFSL holders must authorise ARs in writing, specify the services covered, retain a register, and lodge with ASIC within 15 business days (extended timeframes for sub-authorisations). Some authorisations require AFCA EDR membership for the AR.
Enforced by
Source legislation
Entity types
Topics
Source: https://asic.gov.au/for-finance-professionals/afs-licensees/notify-asic-about-changes-to-your-business/notify-asic-about-an-authorised-representative/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.