Further guidance for credit licensees
ASIC has released further regulatory guidance on the implementation of the National Consumer Credit Protection Act (National Credit Act). This release is the second package of regulatory guidance on the implementation of the National Consumer Credit regime and follows the release of guidance on the registration process, which commences on 1 April 2010 (see AD 09/239).
The release of this information is part of ASIC’s effort to provide as much up-front guidance as is possible before the commencement of the National Consumer Credit regime.
The guidance sets out how ASIC will approach the administration of the National Consumer Credit regime. It has been developed to help industry prepare their credit licence applications and also understand ASIC's expectations in relation to their obligations as credit licensees.
Separate guidance has been developed to specifically assist small business operators make a credit licence application. We have also updated regulatory guides on applications for relief and when we will issue no-action letters under the National Credit Act.
ASIC has released the following new publications:
- Regulatory Guide 204 Credit licensing: Applying for and varying a credit licence (RG 204)
- Regulatory Guide 205 Credit licensing: General conduct obligations (RG 205)
- Regulatory Guide 206 Credit licensing: Competence and training (RG 206)
- Regulatory Guide 207 Credit licensing: Financial requirements (RG 207)
- Regulatory Guide 208 How ASIC charges fees for credit relief applications (RG 208)
- Guidance for small credit businesses (INFO 97)
ASIC has also updated two existing regulatory guides to accommodate the National Consumer Credit regime:
- Regulatory Guide 51 Applications for relief (RG 51)
- Regulatory Guide 108 No Action letters (RG 108)
Further information about this regulatory guidance is outlined in AD 09/262.
Read more about the National Consumer Credit regime at www.asic.gov.au/credit |
