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
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
