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November 2, 2012

AFS licensee financial requirements

ASIC has released revised Regulatory Guide 166 Licensing: Financial requirements (RG 166) and Pro Forma Conditions PF209 setting out the financial requirements ASIC has set for AFS licensees, according to the types of financial services and products that they provide.

Section A of the guide explains how ASIC's financial requirements work, and how to decide which requirements apply.

The changes include:

  • updated requirements for responsible entities which have become effective as of 1 November 2012;
  • new requirements for issuers of over-the-counter derivatives to retail clients, and
  • new guidance on financial requirements for market participants, to reflect changes to the way these AFS licensees are regulated since ASIC assumed responsibility for supervising market participant capital requirements from ASX on 1 August 2011.

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Posted 2nd November 2012 by admin in Corporations Act, Financial Services