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April 12, 2012

AFS licence exemption for cover pool monitor auditors

Corporations Amendment Regulation 2012 (No. 3) was registered on 11 April 2012.

It amends the Corporations Regulations 2001 to exempt a registered auditor that provides a cover pool monitor service mentioned in subsection 30 (4) of the Banking Act 1959 from the requirement to hold an Australian financial services licence.

A cover pool monitor assesses an ADI’s compliance with its obligations and provide an opinion with respect to this compliance.

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Posted 12th April 2012 by David Jacobson in Corporations Act, Financial Services