The Australian Securities and Investments Commission (ASIC) has tidied up a number of legislative and regulatory anomalies contained within the legislation covering the Financial Adviser Standards and Ethics Authority regime.
ASIC has accomplished the changes within a legislative instrument which the regulator said was intended to address unintended consequences to ensure the professional standards reforms applied as intended.
The instrument clarifies the status of people who are banned or otherwise prohibited from providing advice when the regulatory environment comes into effect, making clear that they will need to meet all the relevant education and training standards.
It similarly clarifies the situation with regard to advisers who take a break from the industry and their need to meet the education and training standards.
Importantly for licensees, the instrument also provides them with clarity and breathing space around the timing of appointing so-called “provision relevant providers”.