Responsible managers and the Key Person condition – the consequences - Finance and Banking
To recap, Section 912A of the Corporations Act, which sets out the key obligations of an AFS Licensee, requires a licensee to "maintain the competence to provide [the] financial services [covered by the licence]". ASIC through Regulatory Guide 105 - Licensing: organisational competence details what attributes you need to have in order to be appointed as an Responsible Manager. These are: having direct responsibility for significant day-to-day decisions about the ongoing provision of your financial services; in conjunction with your fellow Responsible Managers, collectively having appropriate ...
Source: mondaq.com