ASIC releases clearing and settlement guidance
The Australian Securities and Investments Commission (ASIC) has released regulatory guidance on its approach to the licensing and regulation of clearing and settlement facilities.
ASIC’s Regulatory Guide 211 Clearing and settlement facilities: Australian and overseas operators (RG 211) provides guidance on when an Australian clearing and settlement facility licence would be required and how to apply for it, and ASIC's approach to exemptions.
RG211 was released in anticipation of more clearing and settlement facilities seeking to operate in Australia, according to ASIC. It responds to international regulatory developments promoting the use of central counterparty clearing and the settlement of over-the-counter derivative transactions.
The more specific guidance on the approach that would be taken in regards to the regulation of clearing and settlement facilities would assist entities that provide, or which might want to provide, those facilities in Australia, ASIC said.
A more clear and consistent policy would give licence applicants guidance on what ASIC is looking for in considering their applications, providing advice to the Minister and helping entities comply with their obligations after they obtain a licence, ASIC said.
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
