Applying for or Varying your Australian Financial Services Licence (AFSL)

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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 AFSL;
  • 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 an AFSL, and (b) what type of licence you require.  We recommend Holley Nethercote Commercial & Financial Services Lawyers who have a focussed expertise in financial services.  (The principals of Compact are also the partners of the law firm Holley Nethercote Commercial & Financial Services Lawyers.)

Types of AFSLs

Holley Nethercote and Compact have helped the following types of organisations with 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;
  • investment managers;
  • accounting practices;
  • actuarial firms;
  • benevolent societies;
  • automotive extended warranty issuers;
  • goodwill/biotechnology valuers;
  • property consultants;
  • business advisers and corporate advisory firms;
  • underwriters;
  • financial services software providers;
  • horse racing syndicates;
  • telemarketers and call centres;
  • investment-linked mortgages;
  • fintech (peer 2 peer lending, digital currency, crowdfunding, robo advising, robo investing); and
  • publishers.

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.

Getting or Varying an AFSL

How can we help?

We can help in any of the following ways:
  • assisting new industry applicants and authorised representatives to lodge an AFSL application with the Australian Securities and Investments Commission ("ASIC");
  • assisting with options other than obtaining an AFSL;
  • assistance with determining the appropriate authorisations needed for your AFSL;
  • assessing potential Responsible Managers against ASIC's RG 105 requirements;
  • preparing and processing the e-licensing application on your behalf;
  • assisting with preparing the numerous proofs required by ASIC (e.g. details of organisational expertise and Responsible Managers, compliance arrangements, risk management, etc.);
  • providing guidance and plain English instructions on proofs that must be prepared by you;
  • reviewing an application prepared by you but not yet submitted to ASIC; and
  • acting as point of contact with the ASIC assessor considering the application.

If you require further information, please contact our financial services team today.

AFS Licensing