Disqualified and Banned Registers
What are the Banned and Disqualified Registers?
The Banned and Disqualified Registers list people who have been disqualified from involvement in the management of a corporation, or banned from practising in the financial services industry. These Registers contain four categories:
- persons disqualified from managing corporations
- banned securities representatives (pre-Australian Financial Services (AFS) licences)
- banned futures representatives (pre-AFS licences)
- banned or disqualified persons (AFS licences)
You should also check the Enforceable Undertakings Register to find out whether the person has undertaken not to take part in the management of a corporation, or carry on a financial services business as they won't appear on the banned registers.
What is the Disqualified Persons Register?
Persons referring to this register should note carefully that it contains details only of those persons who are disqualified from managing corporations under the Corporations Act where ASIC receives express notice of the disqualification under the terms of that Act.
There are other circumstances in which a person may be disqualified from managing corporations, for example where the person is an undischarged bankrupt or has been convicted of certain offences involving dishonesty. ASIC does not receive statutory notice of such disqualifications, and so they are not able to be recorded in this register.
For a small fee, the Insolvency and Trustee Service Australia (ITSA) will check if a person is an undischarged bankrupt. Visit the ITSA website
For detailed information on the grounds for disqualification and the list of prohibited activities for disqualified persons you should refer to the Corporations Act 2001 Part 2D.6 Disqualification from managing corporations.
How do I search?
- Select Disqualified persons from the list .
- Enter the name - family name only or, if you are not sure of name, enter the first few letters of the name, a minimum of 2 letters of the person you want to search for .
- Click on the search button.
What information can I receive?
Details provided:
- name
- address
- document number
- start date for the disqualification
- end date for the disqualification
The role undertaken by that person when disqualification took place will not appear.
If you have entered only two letters - eg SM - you will get all names starting with SM; if you have entered a full surname you will receive a full list of all the disqualified persons with that name.
What is the Banned Securities Representatives Register?
The Banned Securities Representatives Register lists pre-AFS licences. The majority of people who gave investment advice pre-AFS were authorised representatives of licensed dealers or investment advisers.
If ASIC has banned an adviser or authorised representative from giving such investment advice, they will be on our Banned Securities Representatives Register. They are also on the Banned/Disqualified Persons Register but are not duplicated on that register.
What is the Banned Futures Representatives Register?
The Banned Futures Representatives register lists pre-AFS licences. The majority of people who gave investment advice were authorised representatives of licensed dealers or investment advisers.
If a futures adviser or authorised representative is banned by ASIC from practising as a futures adviser, they will be on our Banned Futures Representatives Register. They are also on the Banned/Disqualified Persons Register but are not duplicated on that register.
What is the AFS Banned/Disqualified Persons Register?
The Banned/Disqualified Persons Register lists persons who have been banned or disqualified under the FSR legislation which commenced 11 March 2002. Persons who provide financial services must hold an AFS licence or be representatives of an AFS licensee. AFS licensees appear on the AFS licensees register - these people and their employees are licensed to provide the services set out in the register. Authorised representatives appear on the AFS authorised representatives register - these people are agents of a licensee authorised to provide services on behalf of the licensee.
If your adviser has been banned or prohibited since the FSR Act commenced in March 2002, then they will appear on this banned persons register. Persons appearing on the Banned Securities and Futures Representatives Registers are also on the AFS Banned/Disqualified Persons Register but not duplicated on that register.
How do I search the banned registers?
Select Banned securities representatives, Banned futures representatives or AFS banned/disqualified persons from the list
- enter the name - family name only or, if you are not sure of name, enter the first few letters of the name, a minimum of 2 letters of the person you want to search for.
(Note: If you are searching the AFS banned/disqualified persons register, the search will display all names that come alphabetically after the letters or name you have entered.)
- click on the search button
What information can I receive from the banned registers?
Details provided:
- name
- address
- start/end date of the banning order (where applicable)
If you have entered only two letters, for example SM, you will get all names starting with SM; if you have entered a full surname you will receive a full list of all the disqualified persons with that name.
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