Submission: Rationalisation of Ending ASIC Instrument Measures
ARITA has made a targeted submission in response to Treasury's exposure draft legislation and explanatory material to move matters in legislative instruments made by the Australian Securities and Investments Commission (ASIC) into the primary law and regulations.
The submission again highlights that the general exemption from AFSL licensing requirements for registered liquidators and trustees in bankruptcy only apply to specific types of insolvency appointments while the appointee is “performing functions, or exercising powers, in any of the [listed] capacities or circumstances”.
The submission seeks an exemption for registered liquidators or trustees who provide financial counselling and financial capability services outside of a formal appointment. It notes that registered liquidators and trustee are experts in the area of assisting individuals and small business who are in financial difficulty to resolve their problems and the legislation must accommodate their ability to provide this advice outside of a formal appointment without requiring licensing.
Treasury: Rationalisation of Ending ASIC Instrument Measures
Read ARITA's submission