Unit of competency Outline

Date retreived
23/07/2026 9:23 AM AWST

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Comply with requirements of licence and regulatory framework

Comply with requirements of licence and regulatory framework

Unit of competency
National Code
FNSFMK523
State Code
OBR57
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
01/07/2020
View on TGA
State Implementation and Classification
Approved Date
02/10/2020
Field of Education
081105 - Investment And Securities
Original Release Date
02/10/2020
Nominal Hours
70
Description
This unit describes the skills and knowledge required to assist with ensuring compliance with requirements of an Australian Financial Service Licence (AFSL) and financial markets regulatory framework. This involves monitoring regulatory change, changes to business that may affect compliance with AFSL requirements and assisting in creating a culture of accountability.It applies to responsible managers for the AFSL of the organisation.Work functions in the occupational areas where this unit is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Monitor licence and regulatory change
  • 1.1 Identify compliance requirements of AFSL and regulatory obligations applying to the organisation’s business activities
  • 1.2 Review licence on an ongoing basis to ensure any changes to organisational strategies or product and service offerings are meeting licence requirements and regulatory obligations
  • 1.3 Evaluate the impact of regulatory changes on the organisation or business unit
2. Monitor and report risks and vulnerabilities
  • 2.1 Identify risks and vulnerabilities that may impact on the organisation’s compliance with AFSL requirements
  • 2.2 Review a range of operational controls to detect possible breaches of licence
  • 2.3 Investigate alerts triggered by controls and address breaches according to organisational policies and procedures
  • 2.4 Analyse trends in data generated by procedural controls to determine the effectiveness of reporting systems
  • 2.5 Report areas identified as needing improvement to parties responsible for those areas
  • 2.6 Confirm that remedial action has been agreed upon and completed
3. Communicate regulatory change to the organisation or business unit
  • 3.1 Ensure new regulatory requirements and codes of practice are integrated into organisational compliance processes and internal policy documents
  • 3.2 Contextualise and communicate implications of regulatory change for business processes and procedures to staff
  • 3.3 Incorporate compliance issues and procedures into practice guidelines and document appropriately
  • 3.4 Report to the board on compliance with regulatory framework for the organisation or business unit
4. Assist in creating a culture of accountability
  • 4.1 Communicate and confirm accountabilities and responsibilities to team members consistent with their capabilities and the operational plans of the organisation
  • 4.2 Support staff in developing their compliance awareness and competence
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