ASIC has clarified the impact of the recent changes on the implementation timetable.

The key change is the commencement of the Consumer Credit Reforms on 1 July 2010 (instead of 1 January 2010).

Anyone who engages in certain credit activities will need to register with ASIC between 1 April and 30 June 2010 (inclusive).

Registered credit participants will then have six months to apply for an Australian credit licence, between 1 July 2010 and 31 December 2010.

New entrants to the credit market will have to apply for an ACL from 1 July 2010.

UPDATE 23 September: Deferral timetable (Treasury)