Responsible Managers
A Responsible Manager (RM) meets the knowledge and skills requirements under RG 105 to maintain authorisations granted to an AFSL holder. All RMs collectively must cover organisational competency requirements.
Key Person requirements
- Written notice to ASIC within 5 business days when a Key Person departs.
- Notice must include departure date and replacement details.
- If no replacement exists, licensees must explain why.
- Replacement requires an AFSL licence variation, not just a nomination.
AFSL variations
Expanding services or changing direction may require new authorisations — variation applications update business descriptions and organisational competence documentation.