Corporations Service Update: New ASIC Regulatory Guide added

We have added ASIC Regulatory Guides 166 to the TimeBase Corporations Law service.

Key points as follows:
This guide explains the financial requirements to be met as the holder of an Australian financial services (AFS) licence. These requirements:

• are set out in Sections B to G of this guide; and

• vary in their application depending on the nature, scale and complexity of your financial services business.

The requirements do not apply to a licensee that is a body regulated by APRA (see RG 166.15–RG 166.17).

Businesses prudentially regulated overseas, can apply to ASIC for relief from the financial requirements (see RG 166.18–RG 166.21).

• Issued Date 7 May 2010

• Previous version: Supersedes Policy Statement 166 Licensing: Financial requirements (RG 166), first published 28 November 2001, reissued June 2007, rebadged as a regulatory guide 5 July 2007, reissued December 2009

• Commencement Date 1 June 2007

• Legislation Corporations Act 2001 (No. 50): Chapter 7

The full Regulatory Guide and much more is included for subscribers in the Point-in-Time Corporations service. If you are not already a subscriber to this Australian Legislation then please contact us to find out more or to take a free trial.