ASIC maintains four (4) portals which Australian Financial Services Licence holders (“AFS Licensees”) are required to keep up to date:
- Companies Register;
- AFSL Portal;
- ASIC Regulatory Portal; and
- ASIC Connect Portal.
AFS Licensees are required to ensure that the details registered with ASIC are correct and are kept up to date on a regular basis. Changes to your details must be notified to ASIC within specific time periods.
The Companies Register is used by all companies registered in Australia. It is the central database of Australian companies and is separate and distinct from the licensing-related portals.
Companies must notify ASIC within 28 days of any changes to the:
- Company address;
- Company officeholders and members;
- Ultimate holding company; or
- Share structure and share holdings.
Changes can be submitted through ASIC’s website using your company’s corporate key and lodging a Changes to Company Details Transaction (Form 484). Alternatively, you can appoint an AISIC registered agent such as Sophie Grace or your accountant to lodge these forms. Failure to notify ASIC within twenty-eight (28) days of these changes may result in a late fee being incurred. A fee of $87.00 will apply for up to one month late and $362.00 where notification is over one month late.
The AFSL Portal allows AFS Licensees to:
- Vary their licence;
- Notify ASIC of changes to the licence;
- Appoint or change an auditor; and
- Lodge annual financial statements.
AFS Licensees are required to notify ASIC within ten (10) business days of any changes to the licensee’s:
- Address or contact details;
- Business name;
- Responsible managers; or
- Membership of an External Dispute Resolution Scheme.
Changes in relation to the controlling entity of the licensee or the date its CPD year begins are to be lodged within thirty (30) business days of the change.
Changes can be notified to ASIC by submitting a FORM FS20 through the AFS Licensee portal. A failure to notify ASIC within the required timeframe may result in a late fee being incurred. A fee of $87.00 will apply for up to one month late and $362.00 where notification is over one month late.
ASIC Regulatory Portal:
The ASIC Regulatory Portal is applicable to regulated entities with industry funding obligations, including AFS Licensees.
AFS Licensees are required to lodge the following through the Regulatory Portal:
- due between July and September/October each year;
- Payments of industry funding levies – a late payment penalty is calculated as 20% per annum of the overdue levy amount;
- Breach Reports – submitted within thirty (30) days from the date that the AFSL holder had reasonable grounds to believe a Reportable Situation had arisen;
- Monthly and annual reports in relation to derivative retail client money (issuers of OTC derivatives only).
The various forms can be lodged via the ASIC Regulatory Portal. AFS Licensees should note that failure to submit an Industry Funding Annual Return by the due date is a criminal offence.
ASIC Connect Portal:
The ASIC Connect Portal allows AFS Licensees to register and link a business name to their financial services business and appoint and maintain authorised representatives and/or financial advisers to their licence. AFS Licensees are required to notify ASIC within thirty (30) business days of:
- the appointment of any new Authorised Representatives or Financial Advisers;
- any changes to Authorised Representatives or Financial Advisers; and
- the cessation of any authorisation of an Authorised Representative or Financial Adviser.
A failure to notify ASIC within thirty (30) business days of these changes may result in a late fee being incurred. A fee of $87.00 will apply for up to one month late and $362.00 where notification is over one month late.
It is important for AFS Licensees to ensure that their company details and AFSL details are correct and consistent on each portal. Any changes to company or ASFL details must be notified to ASIC within the required timeframes to avoid penalties.
- ASIC Fees
- AFS Licensees – Changing your licence details using Form FS20
- Appointing and ceasing an AFS authorised representative
- Industry Funding Penalties
If you would like assistance in updating either company or AFSL details, please contact us.