ASIC releases next round of policy papers
TheAustralian Securities and Investments Commission(ASIC) released on Friday the next addition to its policy proposal papers (PPP) on licensing and administrative issues of the draft Financial Services Reform Bill (FSRB).
This 10th PPP on licensing financial requirements lists proposed requirements that will apply to Australian financial service licensees, depending on the functions carried out by the licensees.
However ASIC has emphasised that these licensing conditions do not apply to those in the industry who have received a license from theAustralian Prudential Regulatory Authority(APRA). Licenses issued by APRA will remain in force and be administered by that regulator.
The industry and wider public has five weeks to put feedback and written submissions together, while ASIC will meet with industry and consumer representatives to discuss the proposals. The deadline for written submissions is October 29, 2001.
ASIC says that during the five week period it intends consulting separately on a number of other issues including additional financial requirements for licensees who have direct financial obligations with clients.
These requirements would most likely concern licensees who enter into financial product transactions with clients instead of acting on behalf of clients.
The other area ASIC will separately consult on will be the financial requirements necessary for licensees who hold more than $100,000 of client money or assets.
ASIC deputy chair Jillian Segal says once again comments from the industry are important in order to reach the next step.
“ASIC will consider the responses it receives to the issues and questions raised in this paper before we issue our policy on financial requirements under the legislation which will be before December 1, 2001,” she says.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
