ASIC releases first credit guides

On 1 December, ASIC released the first of their Regulatory Guides, explaining their approach to regulation under the new National Consumer Credit regime.

Regulatory Guide 202 deals with the registration process, commencing 1 April 2010 and the transition through to credit providers obtaining Australian Credit Licences.Â Regulatory Guide 203 “Do I need a credit licence?” is designed to assist providers in deciding exactly that – whether a licence will be required for the activity that a person (including a business) performs.

ASIC also released Information Sheet 96, which provides a high-level update on the National Consumer Credit regime, outlines the process and milestones towards being licensed and also contains some sensible advice for potential licensees to start getting their house in order now.

AFS Licensees will remember only too well the rush of activity that lead up to the deadline dates for the AML/CTF legislation in 2007 and 2008.Â QED Risk Services strongly encourages credit industry participants to start doing as much preparation work as they possibly can, as soon as they can rather than leave it to the last minute.

See ASIC’s credit webpage for more information and to access the Regulatory Guides.Â Subscribe to QED Risk Services’ RSS feed to stay abreast of all credit licensing developments.

Posted on: Friday, 4 December, 2009

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