ASIC releases information sheet about applying for a limited AFS licence

ASIC has released an information sheet to assist those intending to apply for a limited Australian financial services (AFS) licence.

Information Sheet 179 Applying for a limited AFS licence (INFO 179) gives practical guidance to help applicants work through the licensing process.

INFO 179:
Provides guidance about ASIC’s licensing application process, and how it will apply to those seeking a limited AFS licence
outlines what information needs to be submitted in support of a limited AFS licence application, and
gives information about which ASIC guidance will be most relevant for those seeking a limited AFS licence.

An exemption in the Corporations Act 2001 currently allows accountants to provide advice on the establishment of self-managed superannuation funds (SMSFs), without the need for an AFS licence.

As part of the Future of Financial Advice (FOFA) reforms, this exemption will cease to apply on 1 July 2016. From 1 July 2013, accountants will be able to apply for the new limited AFS licence.

To review the information sheet, click here.