ASIC has issued a Media Release indicating that it will take into account the spirit and intent
of the new regulations in administering them and determining whether
entities are complying with their obligations. ASIC will be guided by
the Explanatory Statement to the regulations and related information
package, and the original proposals paper, Refinements to Financial Services Regulation (May 2005).

"The regulations make significant changes to the FSR
framework. ASIC recognises that industry may need time to properly
adjust to these changes. In administering the law, ASIC will adopt a
reasonable and pragmatic approach to compliance with the new
requirements during the initial settling in period.

This general position is subject to circumstances where the conduct is, or is likely to:

• materially harm or disadvantage consumers; and/or
• undermine the confident and informed participation of consumers in the financial market".

At this stage, ASIC does not plan to issue formal, detailed, guidance on the new regulations.