Licensing and disclosure: Making the transition to the FSR regime
Licensing and disclosure: Making the transition to the FSR regime
Licensing and disclosure: Making the transition to the FSR regime
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LICENSING AND DISCLOSURE: MAKING THE TRANSITION TO THE <strong>FSR</strong> REGIME<br />
SECTION 1.3: LICENSING — WHAT ARE THE PROCESSES FOR MOVING TO THE NEW REGULATORY REGIME?<br />
1.3.26 As with applicants under legislative streamlining, applicants<br />
under <strong>the</strong> ASIC licensing process must ensure that <strong>the</strong>ir<br />
application is complete, that is:<br />
(a) <strong>the</strong>y have provided <strong>the</strong> required documents; <strong>and</strong><br />
(b) it contains <strong>the</strong> required declarations.<br />
We will reject applications that are not complete: see s1274(8).<br />
In addition, we will not process applications lodged with us until<br />
<strong>the</strong> required fee is paid: see s1355.<br />
Note: See our process guideline How do you get an Australian financial<br />
services (AFS) licence? (Release 2.0 — Oc<strong>to</strong>ber 2001) for fur<strong>the</strong>r guidance on<br />
<strong>the</strong> declarations we will require.<br />
1.3.27 When we grant an AFS licence under <strong>the</strong> ASIC licensing<br />
process, we will impose st<strong>and</strong>ard AFS licence conditions on all<br />
licensees or particular classes of licensees: see Section C of our<br />
<strong>FSR</strong>B Policy Proposal Paper No 8 <strong>Licensing</strong>: Discretionary<br />
powers, <strong>and</strong> our forthcoming AFS <strong>Licensing</strong> Kit which will<br />
detail <strong>the</strong> st<strong>and</strong>ard AFS licence conditions we will impose. We<br />
may also impose special licence conditions that are tailored <strong>to</strong><br />
individual licensees or groups of licensees when we grant an<br />
AFS licence.<br />
Note: We aim <strong>to</strong> publish <strong>the</strong> AFS <strong>Licensing</strong> Kit in February 2002.<br />
Applying at one time — legislative streamlining <strong>and</strong> ASIC<br />
licensing<br />
1.3.28 As stated at paragraph 1.3.9 above, under <strong>the</strong> <strong>transition</strong>al<br />
provisions, legislative streamlining is only available for<br />
activities that <strong>the</strong> entity’s existing licence authorises <strong>the</strong>m <strong>to</strong><br />
carry on, or for registered insurance brokers, for activities that<br />
are part of <strong>the</strong> person’s business as an insurance broker under<br />
<strong>the</strong> IABA.<br />
1.3.29 However, under <strong>the</strong> regulations made on 8 Oc<strong>to</strong>ber 2001,<br />
persons that apply for an AFS licence under legislative<br />
streamlining may, at <strong>the</strong> same time, lodge with ASIC an<br />
application under s914A(2)(b) <strong>to</strong> vary <strong>the</strong> AFS licence<br />
conditions <strong>to</strong> extend <strong>the</strong> financial services that <strong>the</strong> AFS licence,<br />
if granted, would authorise: see regulation 10.2.37. This<br />
regulation will allow applicants who are entitled <strong>to</strong> legislative<br />
streamlining for some, but not all, of <strong>the</strong>ir activities, <strong>to</strong> apply <strong>to</strong><br />
Australian Securities <strong>and</strong> Investments Commission — Oc<strong>to</strong>ber 2001<br />
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