ASIC has released revisions of four policy statements and two guidance papers relating to FSR requirements. The revised policy statements (PS) are:

• PS 164 Licensing: Organisational capacities;
• PS 166 Licensing: Financial requirements;
• PS 167 Licensing: Discretionary powers and transition; and
• PS 169 Disclosure: Discretionary powers and transition.

The revised guidance papers are:

• Licensing and disclosure: Making the transition to the FSR regime
• Licensing: The scope of the licensing regime: Financial product advice and dealing

Malcolm Rogers, ASIC’s Executive Director, Policy and Markets Regulation, said ASIC will “regularly revise” policy statements and guidance papers which relate to the implementation of the FSR legislation during its two-year transition period.

“This will ensure industry participants receive up-to-date guidance about how existing and new financial service providers should comply with their obligations under the law,” he said.

The updated documents take account of the FSR regulations that came into effect before November 1, and other relevant ASIC documents (such as Version 2 of the AFS Licensing Kit).

Copies of the revised policy statements and guidance papers can be obtained from the FSR policy page of the ASIC web site on www.asic.gov.au.