The introduction of the FSRB into Parliament has also changed ASIC’s schedule for releasing policy proposal papers. National Director of Financial Services Regulation Ian Johnston said the papers due to be released a couple of weeks ago have been held back while ASIC reviews the bill in detail and includes any changes in its new policy proposal papers.

It plans to release these papers later this month or early in May:

• The FSRB policy implementation framework document
• Guidance statement: how do you get a licence?
• Licensing PPP: the scope of the licensing regime – financial product advice and dealing
• Licensing PPP: organisational capacity
• Disclosure PPP: product disclosure statement
• Disclosure PPP: discretionary powers and transition

Mr Johnston said ASIC will also be contacting industry groups and other key participants to take part in focus groups.