New instrument relating to professional-standards reforms released

New instrument relating to professional-standards reforms released | Insurance Business

New instrument relating to professional-standards reforms released

Australia’s corporate regulator has released a new legislative instrument delaying reporting dates for a number of disclosure obligations as part of the transition to new financial adviser professional standards.

ASIC said the instrument also outlined minor technical amendments to address unintended consequences, to ensure that the new education and training standards apply in a consistent way to individuals at the intended time.

“The reporting changes will simplify licensees’ notification obligations and enable ASIC to implement the required systems changes more effectively,” ASIC said. “These changes do not affect advisers’ and licensees’ substantive obligations under the professional standards reforms. Advisers and licensees must still comply with the new substantive professionalism and education requirements and licensees must keep appropriate records for compliance purposes.”

To access the ASIC Corporations (Professional Standards – Transitional) Instrument 2018/894 and the explanatory statement, visit the ASIC website.