Supervised Entities

Supervised Entities

• In order to meet its objectives, the AFSA requires an open, transparent and co-operative relationship between itself and the Authorised Firm.

• The AFSA seeks to maintain an up-to-date knowledge of an Authorised Firm’s business. However, an Authorised Firm is also required to keep the AFSA informed of significant events, or anything related to the firm of which the AFSA would reasonably expect to be notified.

• The nature and intensity of the AFSA’s relationship with an Authorised Firm will depend on a number of factors. The AFSA’s level of supervision will be proportionate to the risks which the Authorised Firm poses to the AFSA’s objectives and will emphasise the responsibilities of the Authorised Firm’s senior management in identifying, assessing, mitigating and controlling its risks. The greater the impact and probability of the Authorised Firm’s perceived risks, the more intensive the supervisory relationship will be.

• Regulatory Reporting Requirements

• Changes to your Business

• To help us to maintain an up to date knowledge of a firm's business, we require our regulated firms to keep us informed of specified events, changes or other important situations. In a number of cases, we have forms for notifications, or applications for approval. These include:
   - Firm's controller
   - Name
   - Approved Persons
   - Scope of Financial Services Permission
   - Waivers or Modifications