Australian Securities and Investments Commission (ASIC) released regulatory guidance to help
business comply with its legal requirements leading up to the
introduction of Australia’s carbon pricing mechanism later this year.
From July 1 2012, emissions units recognised under the carbon pricing mechanism will be financial products under the Corporations Act 2001
(Corporations Act). ASIC will be responsible for regulating entities
and individuals that provide financial services in relation to
emissions units.
ASIC’s Regulatory Guide 236 Do I need a licence to participate in carbon markets? (RG 236)
is designed to help entities and individuals understand whether they
require an Australian financial services (AFS) licence to provide
financial product advice and other financial services in relation to
carbon markets and emissions units, and, if so, details the next steps
and where people can find more information.
RG 236 provides:
- an introduction to ASIC’s role in relation to carbon markets and emissions units
- details regarding which emissions units are financial products and when you are likely to require an AFS licence, and
- an outline of the steps required to apply for an AFS licence or vary an existing licence.
ASIC will accept applications for new AFS licences or licence variations relating to emissions units when regulations amending the Corporations Act are finalised. This is likely to occur by May 2012.
ASIC is also consulting on proposals for
applying our current AFS licensing policies to licensees providing
financial services in relation to emissions units. Consultation Paper
175 Carbon markets: Training and financial requirements (CP 175)
invites feedback on our proposals for applying our current polices on
training for financial product advisers and financial requirements to
these licensees.
ASIC is seeking comments on the proposals by Tuesday 10 April 2012.
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