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The Australian Securities and Investment Commission (ASIC) has released a regulatory guide to help brokers prepare for the proposed National Consumer Credit regime.
According to ASIC, the guide will help brokers understand whether they will need to be registered or licensed, and help them prepare their businesses for the new requirements.
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ASIC commissioner Dr Peter Boxall said the information sheet was important to the industry as it would be the first time many brokerages and brokers would be exposed to specific licensing requirements, dispute resolution and training obligations.
“It is important for these people to prepare themselves at the earliest opportunity to ensure a smooth transition to the new regime,” Dr Boxall said.
“ASIC encourages prospective licensees to review regulatory guidance as a package and confirm the extent to which the new regime impacts on their business. ASIC will be releasing further guidance in the coming weeks to assist licensees understand and comply with the new obligations, which will begin to take effect from 1 July 2010.”
An information sheet that includes a timeline of important dates for the new requirements and useful tips for making registration easy, is now available from the ASIC website.
