Under Note 11 of The Commonwealth of Australia Constitution Act, The Corporations Act 2001 can be seen as still in effect
Australian Financial Services Licence (AFSL) is a legal licence provided by the Australian Securities and Investments Commission (ASIC) enabling the operation and activities of Australian financial services businesses.[1] It is a legal requirement for any Australian financial service business to obtain an AFSL from the day business operations begin unless provided a limited licence or exemption with special provisions under section 911A(2)(l) of the Corporations Act.[2][3] The AFSL is issued by ASIC under Chapter 7 (section 911A) of the Corporations Act 2001, in line with its regulatory supervision of the financial services industry. Australian Financial Service Businesses must submit an application to ASIC coupled with supporting documents to be assessed. Licensees are obligated to provide efficient, honest and fair financial services under the conditions of their AFSL and the Corporations Act 2001.[4] Failure to follow and uphold the policies under the AFSL and the Corporations Act 2001 will result in penalties against the business.
Some wholesale charitable investment fundraisers are exempt from the AFSL licensing requirements. By an instrument in 2002, ASIC granted CIFs certain AFSL exemptions, including exemption from the requirement to hold an AFSL, if the only financial products issued were debentures or managed investment schemes.[5]
^Harvey, Keith (August 2002). "Financial sector reforms: financial sector reforms catch lawyers and accountants napping". Taxation in Australia. 37 (2): 89–94. Retrieved 4 November 2020 – via informit.
^"Applying for an AFSL". Australian Securities & Investments Commission. Retrieved 4 November 2020.
^Bassilios, John (2010). "Can Foreign Financial Service Providers Operate in Australia". Australian Journal of Financial Planning. 5: 11–13 – via informit.
^May, Brendan (October 2019). "Corporate law: Financial services providers under pressure to act 'efficiently, honestly and fairly'". LSJ: Law Society of NSW Journal (60): 80–81 – via informit.
^Australian Securities and Investments Commission (ASIC) class order 02/184 – charitable investment schemes fundraising (2002) (repealed)
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