ASIC has released the first package of policy proposal and process-related papers on administrative issues arising from the Financial Services Reform Bill.

The release of the papers marks the beginning of six weeks of public consultation, during which ASIC will meet with industry and consumer representatives to discuss the potential administration of the new legislative regime.

ASIC Deputy Chair Jillian Segal has encouraged people with something to contribute to step forward. “It is important that everyone who has an interest in the FSR changes uses these opportunities to provide ASIC with feedback, as our final administrative policy and processes will be developed through these papers.”

Seven documents are contained in the first package of papers. They are:

• Building the FSRB administrative framework
• Licensing: The scope of the licensing regime – financial product advice and dealing
• Licensing: Organisational capacities
• Licensing: Adapting IPS 146 to financial services reform
• Disclosure: Product disclosure statements and other disclosure obligations
• Disclosure: Discretionary powers and transition
• Process guideline: How do you get an Australian financial services licence?

Ms Segal said the building of the FSRB administrative framework document will set out:

• key messages and expectations, so that people understand the context of ASIC’s policy and process-related papers;
• further papers that ASIC expects to release over the coming months; and
• summaries of what the papers will cover and how they will fit together to form a coherent administrative response to the Bill.