The Australian Securities and Investments Commission (ASIC) today issued an updated edition of Pro Forma 209 Australian financial services licence conditions [PF 209] following recent amendments to the Acts Interpretation Act 1901 (the Act).
The changes to the Act came into force on 1 January 2005 and affect the way ASIC is able, in the AFS licence conditions, to incorporate, adopt or refer to other documents. ASIC has accordingly amended a number of the licence conditions and definitions in [PF 209]. The attachment to this information release outlines these changes.
The amendments to [PF 209] come into effect immediately and apply to any AFS licence or licence variation issued by ASIC from 1 January 2005.
The updated [PF 209] is available from the ASIC website at www.asic.gov.au/afsl or by phoning the ASIC Infoline on 1300 300 630.
End of release
Attachment to [IR 05-03]: Amended Pro Forma 209: AFS licence conditions - summary of amendments
Training Requirements for Representatives
Condition 7: The words ‘listed on the ASIC Training Register’ in paragraphs 7(a) and (b) have been omitted and replaced by ‘approved by ASIC in writing’. Note that courses approved by ASIC in writing are those listed on the ASIC Training Register, which is available on ASIC’s website.
Base Level Financial Requirements
Condition 13: The words ‘as at the date of this licence’ have been inserted after ‘in accordance with the Basel Committee Guidelines’ in paragraph 13(d)(iii).
Compliance with Class Order 02/294 as an IDPS Operator
Condition 39: The words ‘as at the date of this licence and as amended by any disallowable legislative instrument’ have been inserted after the words ‘Class Order 02/294’.
Compliance with Class Order 04/194 as an MDA Service Operator
Condition 40: The words ‘and as amended by any disallowable legislative instrument’ have been inserted after ‘this licence’ in paragraph 40(a). Paragraph 40(b) has been deleted. The words ‘class order’ in paragraph 40(c) have been omitted and replaced by ‘disallowable legislative instrument’.
Licensee may operate as an external MDA custodian pursuant to Class Order 04/194
Condition 42: The words ‘and as amended by any disallowable legislative instrument’ have been inserted after ‘this licence’ in paragraph 42(a). Paragraph 42(b) has been deleted. The words ‘any class order’ in paragraph 42(c) have been omitted and replaced by ‘any disallowable legislative instrument’.
Terms and definitions
Clearing participant
The words ‘as at the date of this licence’ have been inserted after ‘Australian Clearing House (ACH)’ and after ‘the CS Facility operated by ACH’.
Disallowable legislative instrument
This is a new definition that is linked to conditions 39, 40, 42 and the definition of ‘IDPS’.
IDPS
The words ‘Class Order 02/294 or any class order that replaces Class Order 02/294’ have been omitted and replaced by ‘Class Order 02/294 as at the date of this licence and as amended by any disallowable legislative instrument, or relief under any disallowable legislative instrument that replaces Class Order 02/294’.
Market participant
The words ‘as at the date of this licence’ have been inserted after ‘ASX’ in paragraph (a) and after ‘the SFE’s operating rules’ in paragraph (b)(ii).
Regulated trust account
The words ‘under State or Territory legislation’ have been replaced by ‘the law of a State or Territory’.