Wednesday 20 December 2006 LAWFUEL – Legal News Network – The Austra…

Wednesday 20 December 2006 LAWFUEL – Legal News Network – The Australian Securities and Investments Commission (ASIC) has further extended interim relief for actuaries from the requirement to hold an Australian financial services licence (AFSL) to 30 June 2007. ASIC has extended this interim relief while the Federal Government finalise the regulations regarding actuaries. The extension of the relief is provided under ASIC Class Order [CO 06/1012] Variation of Class Orders [CO 03/1096] and [CO 06/495].

Under s911A of the Corporations Act 2001 (the Act), a person who carries on a financial service business is required to hold an AFSL to perform those activities. Corporations Regulation 7.1.29 provides exemption from the need to be licensed for certain classes of professional activities. Actuaries have previously raised concerns that the categories of exemption from licensing may not apply to all aspects of their ordinary business.

In response, ASIC issued Class Order [CO 03/1096] Actuaries to provide temporary relief to certain types of actuaries from the requirement to hold an AFSL when undertaking the usual activities of an actuary. The original relief was then extended under Class Order [CO 05/680] Transitional relief for actuaries, Class Order [CO 05/1194] Actuaries – amendment and Class Order [CO 06/469] Further transitional relief for actuaries, allowing additional time for the Government to finalise its position on the regulation of actuaries.

Further background information is provided in ASIC Information Release [IR 05-37] ASIC further extends interim relief for actuaries, Information Release [IR 06-19] ASIC further extends interim relief for actuaries and general insurers and Information Release [IR 03-43] ASIC provides temporary relief during period of consultation. Note: [CO 06/1012] also extends the relief in Class Order [CO 06/495] Extension of transitional compensation arrangements. For further information contact: Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769

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