ASIC declares adviser register implementation date
The Australian Securities and Investments Commission's (ASIC's) adviser register should be up and running for consumer and licensee use on 31 March.
The regulator has declared that it is well advanced on the adviser register project and that it will be making regulations relating to the register over coming days.
It said it was working with licensees and authorised representatives to assist them to provide the required information in accordance with the timetable in planned regulations.
The ASIC announcement confirmed that the register would contain details of all persons employed or authorised — directly or indirectly — by Australian financial services (AFS) licensees who are authorised to provide personal financial advice to retail clients on Tier 1 (investment) products.
It described Tier 1 products as being financial products other than basic banking products, general insurance products or consumer credit insurance products or a combination of any of those products.
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