In an online blog, The Fold Legal director Jaime Lumsden Kelly said that, while there is no legal requirement for ASIC to approve responsible managers (RMs), that is now what’s happening in practice.
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ASIC driving greater uncertainty among licensees, says lawyer
A leading financial services lawyer has warned that a tougher corporate watchdog is creating delays and uncertainty for AFSL holders by routinely assessing whether responsible managers meet the competence requirements under the law.
