ASICs Licensing Liaison Meeting March 2017 ASICs Licensing
- Slides: 31
ASIC’s Licensing Liaison Meeting March 2017
ASIC’s Licensing Team Warren Day – Senior Executive Leader, Assessment & Intelligence Regional Commissioner of Victoria
WELCOME Ø Introduction Ø ASIC's focus Ø ASIC's Innovation Hub Ø Upgrade to ASIC's Technology Platform and Portals
Limited licences – 3 year transition Number of Limited AFS applications received by month 500 450 400 350 300 250 200 150 100 50 0 Jul Oct Jan Apr 201320132013201420142014201420142014201520152015201520152015201620162016
Limited licences – Assessing the applications
ASIC’s Innovation Hub
Upgrade to ASIC's Technology Platform and Portals Ø Significant opportunity Ø Common integrated work flow systems across ASIC Ø What it means for service providers and licensees? ØSmart forms ØBetter guidance and information
ASIC’s Licensing Team James Nott Senior Manager, Operations
INDUSTRY SEGMENTS AND AREAS OF FOCUS • Licensing – workload and key statistics • Hot topics • Risk Assessment
WORKLOAD & KEY STATISTICS – Volume
WORKLOAD & KEY STATISTICS – AFS (Full)
WORKLOAD & KEY STATISTICS – AFS (Variation)
WORKLOAD & KEY STATISTICS – Credit (Full)
WORKLOAD & KEY STATISTICS – Credit (Variation)
WORKLOAD & KEY STATISTICS – Company Auditors
WORKLOAD & KEY STATISTICS – SMSF
WORKLOAD & KEY STATISTICS - Liquidators • Finalised 65 Applications – 40 Registered company liquidator applications – 25 Official liquidator applications • Insolvency Law Reform Act 2016 and the Insolvency Practice Rules (Corporations) 2016, commenced on 1 March 2017
Overall - WORKLOAD & KEY STATISTICS
Workload & Service Charter • • • Volume Resources Transitioning accountants ‘whole-of-ASIC’ approach Going forward
Hot topics • Speculative foreign exchange • Misleading & deceptive conduct
Misleading & deceptive conduct Concerns Action • Statements of personal • Basis for refusal information in licensing • Working closely with applications Enforcement • Statutory declarations & – Administrative other certificates – Refer to Commonwealth DPP • Proposed business, controllers & operations
Critical Issues & Risk Assessment Business model Clarity, consistency etc. Intelligence Authorisations Scale Competence & Capacity Service providers
ASIC’s Licensing Team Peng Lee Senior Manager, Legal & Policy
Legal & Policy update - Licensing • Fintech businesses • Managed discretionary accounts • ASIC Enforcement powers
Legal & Policy update - Licensing Fintech businesses • Digital financial product advice: RG 255 and RG 105 – one responsible manager that meets minimum training and competence standards for advisers (RG 255. 36) • ASIC Sandbox - testing and validation: RG 257 and RG 105 – Conditional relief for eligible products and eligible services: ASIC Instruments 2016/1175 & 2016/1176 – RG 105 - greater flexibility for some “small-scale, heavily automated businesses” - Responsible Manager without day-today involvement in the business to provide regular sign-off (RG 105. 26)
Legal & Policy update - Licensing
Legal & Policy update - Licensing Managed Discretionary Accounts: RG 174 and Instrument 2016/968 • • • Revocation of ASIC’s regulated platform no action letter Need to vary licence to obtain a ‘deal by issuing’ authorisation Appropriate experience under no-action letter will be accepted Increased PI and fraud insurance required Transition: – for those who relied on CO 04/194: by 1 Oct 2017 – for those who are relying on the no-action letter: by 1 Oct 2018 – Everyone else that’s new to MDAs after 1 Oct 2016: from 1 Oct 2016 • Some of the new requirements: – Non-limited recourse investments – Managing conflicts of interest
Legal & Policy update - Licensing ASIC Enforcement Taskforce Review: • to assess the suitability of the existing regulatory tools available to ASIC to perform its functions adequately • Looking at civil/criminal penalties, alternative enforcement mechanisms, disgorgement of profits, banning powers • The adequacy of licensing powers, including the threshold for granting or refusing to grant a license, the circumstances in which ASIC may vary, suspend, or cancel licences
ASIC’s Financial Advisers Team Melbourne - Joanne Comrie and Li-Na Neoh Sydney - Violet Wong and Nicole Chew
Surveillance & Compliance Wealth Management project Financial Adviser Register
DISCUSSION
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