ASIC public policy papers arrive

The Australian Securities and Investments Commission (ASIC) has released its long awaited first tier of policy proposal papers (PPP), focusing on licencing and disclosure issues in the draft Financial Services Reform Bill (FSRB).

The industry now has six weeks to examine, consult and comment on the proposal papers, with a written submissions deadline set for 7 June, 2001.

The first release includes seven documents with five policy papers, plus background on the policy and administrative framework and a licencing process guideline.

The Financial Planning Association's (FPA) FSR project team, set up about six weeks ago and headed by project leader Catherine Crack, has held a preliminary meeting with ASIC and is presently organising a member focus group to discuss the policy papers issues.

"We have a tremendous amount of work to get through, and are looking forward to a good relationship with ASIC which will assist both them and our members," Crack says.

ASIC deputy chair Jillian Segal says feedback on the papers is important for the administration of the new legislative regime under the Bill.

"By releasing these papers we aim to provide as much up-front guidance as we can, so that people can plan well ahead for the changes under the Bill," she says.

Stage two of ASIC's policy proposals on the FSRB is expected to be released in late May or early June. Following the second stage, a further one, or possible two stages are scheduled, with a final policy statement release expected taking the process to the 1 October Bill implementation date.

Yesterday's release of the policy papers coincides with today's joint parliamentary committee hearings on industry submissions to the FSRB held in Melbourne.