ASIC RG 104: Licensing: Meeting the General Obligations
Australian financial services (AFS) licensees must comply with the general obligations under s912A(1) and licence applicants must be able to demonstrate in their licence application that they can comply with them: see RG 104.2–RG 104.9. As an AFS licensee or licence applicant, you are responsible for deciding how to comply with the general obligations: see RG 104.11–RG 104.13. Some general conduct obligations are also civil penalty provisions: see RG 104.3–RG 104.5.
To help you comply, this regulatory guide:
- outlines key compliance concepts that apply to all of the general obligations (see Section B);
- describes what we look for when we assess compliance with various general obligations (see Sections C–F); and
- includes questions to help you design and test your measures for complying with the general obligations (see Table 2–Table 5 in the appendix)
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