AFSL holders with carbon and derivatives authorisations

Here’s a short list of compliance tasks that you should have underway before the holiday season begins:

Compliance policies and implementation

In your AFS licence application your directors made significant representations to ASIC about your compliance obligations and how you intend to meet these. You are expected to have documented policies and procedures in place. Time to get writing and implementing!

Auditor appointment

Did you appoint an auditor during the licensing process? If not you’ve got one month to do that from the date your licence was granted and to notify ASIC.


As many carbon products are financial products, you should also take particular care with advertising to ensure it is not misleading and deceptive and/or that you are not inadvertently providing financial services that you are not licensed to provide. ASIC has published a very useful guide to good advertising principles (ASIC RG 234) and we recommend that you read this. Ensure your staff know your procedure for approving advertising before it is released publicly. Oversight by compliance or legal of this approval process is highly recommended.

Remember: advertising includes the traditional media of print, television, radio and bill boards as well as websites, emails and social media (e.g. facebook, twitter, linkedin).

Austrac registration and AMLCTF Program

Carbon products and derivatives are also regulated by AUSTRAC. Before you complete a transaction (or arrange for someone to complete a transaction), you must have a Board approved AML/CTF Program in place. You also need to register with AUSTRAC.

If you are an existing AFS licensee, a reminder that we are coming up to the end of the AML/CTF year and it is time to start preparing for annual compliance reporting in March 2013. Have you had your AML/CTF Program independently reviewed recently?

Training conditions

ASIC might require your Responsible Managers to undertake a short course on FSR regulation and AFS licence compliance obligations prior to or as a condition on granting the AFS licence. Certainty offers appropriate courses through a variety of delivery modes. Ask us for details.

Need help? Please give us a call to discuss on 02 8324 5300 or email