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05 Jun 13 Regs allowing accountants to provide broader range of financial product advice

Corporations Amendment Regulation 2013 (No 3) was made on 30 May 2013 and registered on the Federal Register of Legislative Instruments on 4 June 2013 as Select Legislative Instrument 2013 No 101.

The regulation amends the Corporations Regulations 2001 ("the Principal Regulations") to create a new limited licensing regime from 1 July 2013 which allows accountants (and others) to provide a broader range of financial product advice than currently allowed for under the existing accountants’ exemption.

Specifically, the amendments to the Principal Regulations:

  • remove the accountants’ licensing exemption in regulation 7.1.29A of the Principal Regulations from 1 July 2016;
  • provide that recognised accountants, partnerships or corporations who apply for an Australian Financial Services Licence ("AFSL") between 1 July 2013 and 30 June 2016 and only provide particular advice services do not have to demonstrate that they meet the experience required for the purposes of the organisational competence requirement in section 912A(1)(e);
  • provide that licensees who receive an AFSL under this streamlined process must within three years of being granted the licence, if requested in writing by ASIC, demonstrate to ASIC they have the requisite knowledge and the competence to provide the financial services covered by their licence; and
  • provide that any licensee who only provides particular advice services and does not handle client-money can lodge an annual compliance certificate instead of an auditor’s report.

For a copy of the Explanatory Statement, click on the Explanatory Statement tab.


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