ASIC releases new instrument delaying reporting dates

The corporate regulator has announced a new instrument delaying reporting dates for several disclosure obligations as part of the transition to the new professional standards reforms for financial advisers.

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>In a statement, ASIC said the instrument also makes 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,” it 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.”

ASIC releases new instrument delaying reporting dates
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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