ASIC Regulatory Guide 105: AFS licensing: Organisational competence
Australian financial services (AFS) licensees must comply with the organisational competence obligation in s912A(1)(e) of the Corporations Act 2001 (Corporations Act), and AFS licence applicants must be able to demonstrate in their licence application that they can comply with this obligation: see RG 105.1 and RG 105.9, ĂÂRG 105.10. ASIC assesses your compliance with this obligation by looking at the knowledge and skills of your ĂÂresponsible managersĂÂ: see RG 105.2 and RG 105.14 RG 105.15. What you need to do to comply will depend on the nature, scale and complexity of your business. However, this guide sets out our minimum expectations for demonstrating organisational competence: see RG 105.3 RG 105.8.
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