Course Content

Overview: This Clinic explains what nominated responsible managers need to know about the regulatory environment in which AFS licensees operate and the obligations facing AFS licensees. Responsible managers are directly responsible for the significant day-to-day decisions about the ongoing provision of their organisation’s financial services. ASIC expects that together, an organisation’s responsible managers will have the knowledge and skills to provide the services covered by its AFSL. Importantly, responsible managers are expected to understand the legal and compliance obligations relating to those products and services.

Overview:
This Clinic explains what nominated responsible managers need to know about the regulatory environment in which AFS licensees operate and the obligations facing AFS licensees. Responsible managers are directly responsible for the significant day-to-day decisions about the ongoing provision of their organisation’s financial services. ASIC expects that together, an organisation’s responsible managers will have the knowledge and skills to provide the services covered by its AFSL. Importantly, responsible managers are expected to understand the legal and compliance obligations relating to those products and services.

Outcome
participants should be able to:
•explain the legislative and regulatory framework within which an AFS licensee operates
•identify the legislative and regulatory changes affecting an AFS licensee, and develop and implement strategies/processes to respond to these changes
•evaluate and assess the scope of the AFSL required by their organisation
•evaluate and assess the legislative and regulatory compliance needs of an AFS licensee
•develop and implement strategies/processes for meeting the obligations of an AFS licensee
•lead and motivate their workplace team to ensure compliance with AFSL obligations.

For further information on the related assessment tasks for this clinic, please download and review the Information Kit.

Important: Please note that Clinics 1 and 2 are interdependent so that the material covered in the Clinic 1 manual and workshop are assumed knowledge for Clinic 2.