Licensing and disclosure: Making the transition to the FSR regime

LICENSING AND DISCLOSURE: MAKING THE TRANSITION TO THE FSR REGIME
SECTION 1.3: LICENSING — WHAT ARE THE PROCESSES FOR MOVING TO THE NEW REGULATORY REGIME?
ASIC once only for authorisation under the new licensing
regime for all their activities.
1.3.30 We will process particular aspects of an application made under
this regulation as follows:
Our message: apply at one time
(a) under legislative streamlining — those aspects of the
application that seek authorisation for the activities for
which the applicant is entitled to legislative streamlining:
see paragraph 1.3.9 of this guide, and s1430 and 1433; and
(b) under the ASIC licensing process — the remaining aspects
of the application, including other existing activities and
proposed new activities. You should not expect that you
will be granted these further authorisations unless you meet
the requirements in s913B for the grant of an AFS licence.
While entities may decide to move to the new licensing regime at
different times for different activities, and entities within corporate
groups may decide to move to the new licensing regime in stages, we
encourage entities and corporate groups to apply under legislative
streamlining and s914A at the one time.
We will adopt procedures in accordance with regulation 10.2.37 that
will allow entities, including entities that are planning to re-structure
their business activities when they move to the new regulatory regime,
to apply under legislative streamlining and s914A at the same time.
This will make your transition to the new regulatory regime easier by:
(a) requiring you to go through the licensing procedure once only,
and avoiding extra application fees and associated costs; and
(b) allowing you, and the other entities in your group, to become
subject to the new licensing regime at the same time for all your
activities.
We will have to process many thousands of applications in the 2-year
transitional period. Our licensing processes must be efficient to help
us make your transition to the new regulatory regime easier. We will
be able to provide more assistance to entities, and entities in
corporate groups, that apply at one time only.
Applying for a new AFS licence all at one time may also make your
compliance with the law easier as you and your representatives will
Australian Securities and Investments Commission — October 2001
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