ASIC’s Financial Services Reform Act preparations appear to be in full swing after the recent release of their Financial Services Licensing Kit and the eLicensing design model, available from February 12. 

Deputy Chair Jillian Segal said the kit, which was developed in consultation with industry members and associations, is a key step for industry practitioners in preparation for the commencement of the FSRA on March 11.  The point of releasing the design model with the kit is to ensure that the industry and practitioners can start preparing early to apply for AFS licenses.

During the transition period the kit will be reviewed to cover any practical process issues that may emerge, Ms Segal said. 

The regulator has been at pains to point out that the eLicensing design model is just that – a model – and not the eLicensing application itself. It is designed to guide people  through the application process, and working within the needs of that particular applicant.

Ms Segal said it is hoped that applicants will become familiar with the processes involved and start working through their responses. Applications can be lodged when there is confirmation of the final regulations fee that is expected sometime around the middle of the month.

Further information is available on ASIC’s website at www.asic.gov.au and technical questions can be emailed to FSRProjectOffice@asic.gov.au.