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International Law

: Australian Regulatory Compliance Review

AFS licensees: compensation requirements

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ASIC has issued a reminder to Australian financial services licensees that the compensation requirements in s912B of the Corporations Act 2001 commence, for most licensees, on 1 July 2008. 

Many licensees will comply with these requirements by obtaining professional indemnity (PI) insurance. Those licensees who are seeking ASIC?s approval of alternative arrangements are reminded that they will need to apply to ASIC for approval soon.

Regulatory Guide 126 Compensation and insurance arrangements for AFS licensees  

Full post as published by Australian Regulatory Compliance Review on March 29, 2008 (boomark / email).

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