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RAISING STANDARDS
Raising Standards of Cross-Border Cooperation
The FSD has launched an initiative to raise the standards of cross-border cooperation among securities regulators. FSD objectives are to protect investors, to ensure fair, efficient and transparent markets and to reduce systemic risk.
 
What we do ?

The Financial Services Department is established to promote investor confidence in the securities and capital markets by providing more structure and government oversight.

The mission of the Financial Services Department is to protect investors and maintain integrity of the securities industry, overseeing major participants in the industry, including stock exchanges, broker-dealers, investment advisors, mutual funds, and public utility holding companies.

Financial Services Department is concerned primarily with promoting disclosure of important information, enforcing securities laws, and protecting investors who interact with these various organizations and individuals

 
Public Information
 

Providing probity/due-diligence information to overseas regulators

As an overseas financial services regulator you may seek information from Financial Services Department as part of your licensing or registration processes. The Financial Services Department supports this regulator-to-regulator practice as part of our functions of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system.

What checks can you as an overseas regulator undertake yourself?

Financial Services Department's website can provide you with useful information that will assist you with your licensing or registration processes. You can access information contained in the public registers through our website. For example, you can confirm that a person or company holds an Australian financial services licence or is a banned and/or disqualified person.

You may also find useful information by searching Financial Services Department media releases, Enforceable Undertakings Register and the Summary of prosecutions of companies & directors.

Note that Financial Services Department does not register or license individual participants in the financial services industry unless they are carrying on a financial services business as a sole trader. Individuals who are (or have been) 'authorised representatives' of financial services licensees are publicly listed on our register.

More about our public registers, including what they contain, the differences between free and paid searches, and help on how to conduct free searches, is available on a central page, Search Financial Services Department registers.

The information publicly available on our website may be sufficient for your purposes, particularly where you are seeking to confirm information provided to you by an applicant for a licence or registration.


What information Financial Services Department can/cannot provide to an overseas regulator

If you haven't found the information you need on our website or public registers you can make a probity request for confidential information. We release confidential information in accordance with our statutory obligations, which are outlined in Regulatory Guide 103.

There are certain categories of non-public information that as a general rule Financial Services Department does not release in response to a probity check response. These include:
  • complaints made to Financial Services Department where we have assessed the complaint and determined that no regulatory action is required;
  • minor technical matters such as a single instance of failure to lodge an annual report on time;
  • concluded surveillances which did not raise any material concerns or which resulted in no further action being taken by Financial Services Department;
  • highly confidential and/or commercially or market sensitive information (for example, prior knowledge of a takeover bid).
We, generally, will not conduct searches for confidential or non-public information beyond a period of five years.

We may contact individuals and companies when considering the release of confidential information but will not disclose to them any of our regulator-to-regulator correspondence. Nor will we provide letters of support to individuals or companies in relation to their dealings with foreign regulators.

Financial Services Department will ordinarily respond to a standard probity request within 14 days of receipt of all necessary information. For more complex matters we may require additional time to respond.


When will Financial Services Department respond to a probity check request?

Financial Services Department applies certain thresholds, to determine whether it is appropriate for us to respond to a probity check request. These thresholds are:
  • jurisdictional nexus with Australia; and
  • reason for the request (for example, the information is required to assist with assessing a licence application).

In addition, Financial Services Department also requires details about the entity or individual (that is, the individual's name and date of birth) to be provided with the request to assist us with carrying out the relevant searches of our confidential database.


Additional information


For more information about our probity check process and an introductory guide to searching Financial Services Department's online registers, please read this information sheet.


Contact us


Financial Services Department welcomes direct enquiries from foreign regulators about our general approach to probity checks, care of:

Email: [email protected]
 
Due-Dilligence / Probity
As an overseas financial services regulator you may seek information from Financial Services Department as part of your licensing or registration processes. Financial Services Department supports this regulator-to-regulator practice as part of our functions of monitoring and promoting market integrity and consumer protection in relation to the International financial system.
 
Financial Services Department
If you haven't found the information you need on our website or public registers you can make a probity request for confidential information. We release confidential information in accordance with our statutory obligations, which are outlined in Regulatory Guide 103.
 
Overseas Regulator
FSD's website can provide you with useful information that will assist you with your licensing or registration processes. You can access information contained in the public registers through our website. For example, you can confirm that a person or company holds an International financial services licence or is a banned and/or disqualified person.
 
Probity Check
FSD applies certain thresholds, to determine whether it is appropriate for us to respond to a probity check request.
 
 
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