ASIC has released its first package of regulatory guidance to help entities and individuals prepare for the proposed National Consumer Credit regime.
ASIC has released:
- Information Sheet 96 Getting ready for credit (INFO 96), which explains how the national credit regime applies and what people can do to start getting ready for credit;
- Regulatory Guide 203 Do I need a credit licence? (RG 203), which is designed to help people who engage in credit activities understand whether they need to be licensed; and
- Regulatory Guide 202 Credit registration and transition (RG 202), which outlines the process for registering with ASIC and the transition from registration to licensing.
Persons who engage in credit activities can apply to ASIC to be registered from 1 April 2010 until 30 June 2010. Registered persons will then have six months to apply for an Australian Credit Licence, between 1 July 2010 and 31 December 2010.
