ASIC credit registration commences

In defiance of the harbingers of doom, the Australian Securities and Investments Commission successfully started taking registrations for the new federal credit regime on 1 April. Many hundreds of industry participants have already registered and, at this point, QED Risk Services has not heard any stories of ASIC server meltdowns or any other mishaps.

Having such a milestone event tied to a date, just before a 4-day holiday weekend was viewed by many as a bold move. ASIC seem to have backed themselves well.

Of course, registration is only the first step. Registrants need to now decide whether they will be applying for their full Australian Credit Licence and putting preparations in place to comply with Licensee requirements prior to making their application between 1 July and 31 December.

QED Risk Services hopes that the volume of early registrations is a good sign that the industry is not going to leave licensing and the preparatory work until the last minute.

See our credit licensing page for more information about how we can assist you with all your ACL needs.

Posted on: Monday, 5 April, 2010

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