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FSR Update
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Revised Policy Statements

ASIC have released revisions of four Policy Statements and two guidance papers relating to financial services reform
(FSR) requirements.

The revised Policy Statements (PS) are:

** PS 164 Licensing: Organisational capacities;

** PS 166 Licensing: Financial requirements;

** PS 167 Licensing: Discretionary powers and transition; and

** PS 169 Disclosure: Discretionary powers and transition.

The revised guidance papers are:

** Licensing and disclosure: Making the transition to the FSR regime

** Licensing: The scope of the licensing regime: Financial product advice and dealing.

The updated documents take account of the FSR regulations which came into effect before 1 November this year, other relevant and/or recently published ASIC documents (such as Version 2 of the AFS Licensing Kit), and relief that ASIC has given in light of the FSR legislation.

They incorporate ASIC's operational experience, as well as contributions by industry participants and consumer representatives.

A summary of the main revisions in each document is set out in ASIC's full release

ASIC has also released 'marked-up' copies of these revised publications to identify the amendments that have been made.

Hawking: not on Sundays

Corporations Regulation 7.8.22 has been amended to extend the prohibition on the hawking of financial products by telephone to all Sundays. The amendment was Gazetted on 6 November 2002 as Corporations Amendment Regulations 2002 (No 8) and has immediate effect. The previous regulation limited prohibition on hawking on Easter Sunday only. Therefore, the prescribed hours during which hawking of financial products by telephone can take place (subject to specified conditions) are from 8am to 9pm on a day in the State or Territory in which the person to whom the offer is made is located, excluding: (i) Christmas Day; (ii) Good Friday; and (iii) any Sunday.

ASIC has released an update of The Hawking Prohibitions: an ASIC Guide.

Travellers' cheques and confirmations of transactions

This Class Order disapplies the confirmation requirements in s1017F of the Act in relation to transactions involving travellers' cheques. This relief is provided on the basis that as a matter of standard practice, receipts are provided to customers when they purchase or dispose of travellers' cheques.

PS 146 TRAINING REGISTER DATABASE

ASIC has released the PS 146 Training Register as a searchable database. The register includes information about:

* courses

* specialist knowledge

* tiers, and

* where and how the course is delivered.

You can search the database by knowledge category, delivery location, training provider and tier. This
should make it easier for you to find information about appropriate courses that meet the requirements of PS 146.

Find out more about the PS 146 Training Register.
Search the register.

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