The Australian Securities and Investments Commission (ASIC) has released details regarding the registration and licensing process for those intending to provide financial services in emissions units under the Australian Government’s carbon pricing mechanism.
ASIC Commissioner, John Price said registration will help providers of financial services meet their licensing requirements under the Corporations Act.
“From July 1, emissions units recognised under Australia’s carbon pricing mechanism will be financial products. ASIC’s priority is to help market participants understand and meet their obligations when providing financial services concerning these products.”
Registrations for those involved in advising, dealing, making a market, or providing a custodial or depository service in relation to emissions units can be lodged with ASIC from 1 May until 30 June 2012.
“The aim of the registration process is to enable people intending to either apply for an AFS licence or vary an existing licence to offer financial services in emissions units from July 1,” Mr Price said.
“By registering, people can offer financial services in emissions units until 31 December 2012, provided they have applied for an AFS licence by 31 October 2012.”
“From 1 January 2013, it will be an offence to provide financial services in emissions units without a licence, unless exempt.”
In March 2012, ASIC released regulatory guide, Do I need a licence to participate in carbon markets? (RG 236) to help people determine whether they require an AFS licence to provide financial product advice and other financial services in emissions units.
ASIC’s registration form, Application to register to provide financial services in emissions units, is now available for downloading on the ASIC website. A $35 registration fee will apply. Further details on the registration and licensing process can be found on ASIC’s website.