WHO IS ELIGIBLE TO BE AUTHORIZED AS AFSL REPRESENTATIVE?
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Any authorised delegate of AFSL offers monetary types of assistance in the interest of the licensee. There are important differences between AFSL representatives and other representatives. The employee Representative who provides monetary support under the Act is the Licensee, which is titled as 'providing entity.' Here the 'providing entity' is the Authorised Representative. Who can be an authorised AFSL representative of an AFS licensee? Australian financial services (AFS) licensee appoints a representative who provides specified financial services on its behalf. The position can be filled by individuals, corporate bodies, partnerships, a group of individuals, or the trustees of a trust. Well, the individual who acts as the trustee of a trust can be an AFSL representative, but the trust itself cannot become the representative.
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An authorised representative may appoint ‘sub-authorise’ individuals as long as the licensee consents to the appointment. For example, a corporate body can sub-authorise its directors and employees to give financial services on behalf of the AFS licensee. The person is referred to as an ‘authoriser.’ There are limitations to this requirement under s916F(1AA) of the Corporations Act 2001(Corporations Act).
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At the End All this may appear overwhelming and complex. However, you can take assistance from MF & Co Asset Management experts and learn all about AFSL representatives. Visit the website to learn more.
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