Authorised Representatives notice period extended

The Corporations Amendment (Financial Services Information Lodgement Periods) Regulation 2015 has extended the information lodgement periods in relation to information required to be notified to the Australian Securities and Investments Commission in relation to the Authorised Representatives Register so that they align with the information lodgement periods in relation to the Register of Financial Advisers.

The Regulation extends the information lodgement periods for the Authorised Representatives Register under section 916F of the corporations Act to 30 business days so that it is the same as the information lodgement period that applies to the Register of Financial Advisers.

ASIC maintains several registers with information including about financial advisers. The Authorised Representatives Register records information about individual and corporate authorised representatives. ASIC recently established a Register of Financial Advisers which contains information about all natural persons who provide personal advice about certain financial products to retail clients, including employees, directors and individual authorised representatives.

Licensees must notify ASIC of changes to details of information on the Register of Financial Advisers within 30 business days.

Previously licensees were required to notify ASIC of changes to information on the Authorised Representatives Register within either 15 business days (for new authorisations and sub‑authorisations) or 10 business days (for variations in the details of existing authorisations and sub‑authorisations).

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