The Australian Securities and Investments Commission is proposing to add to its rules that pertain to the knowledge and skills of responsible managers by introducing a new 'Option 6' in its regulatory guideline 105 to govern training standards for financial advisors. It also proposes to require every advice licensee to have at least one responsible manager who satisfies Option 6.

ASIC has based the proposals in its consultative paper on guidelines drafted up (but not finalised) by the Financial Adviser Standards and Ethics Authority, which the Government set up last year to set the educational, training and ethical standards of licensed financial advisors in Australia. The proposals may change to suit FASEA’s final version. At the moment, FASEA’s draft indicates that only existing advisors or people who want to become financial advisors ought to be eligible to sit the financial advisor exam. RG105 defines responsible managers (previously known as responsible officers) as people who manage a financial service business. In that note, ASIC tells responsible managers "to maintain the competence to provide the financial services covered by your AFS [Australian Financial Services] licence."

Comments must be in by 9th December. ASIC plans to release a new version of its regulatory guide in March.