The Australian Securities and Investments Commission (ASIC) is extending the registration date of relevant service providers (financial advisers (including time-sharing stock advisers) who provide personal advice on relevant financial products to retail customers).。

Service providers must now register by February 1, 2024.。The reason for the further extension is that the Finance Law Amendment (Measure No. 1 of 2023) Bill is still before Parliament。

A further extension of the registration requirement will give Parliament more time to consider the improvements proposed in the Finance Amendment Act (Measure No. 1 of 2023):

(i) Parliament considers the proposed improvements in the Bill;

The Australian Securities and Investments Commission (ASIC) helps the financial advisory industry understand and comply with registration requirements by issuing regulatory guidance and conducting webinars.

Australian Financial Services (AFS) licensees are aware of the registration requirements and apply to the Australian Securities and Investments Commission for registration as a relevant service provider.。

The Financial Industry Reform (Hayne Royal Commission Response - Better Advice) Bill (2021) introduced a requirement for financial advisors to register in response to the Royal Commission's recommendation on misconduct in the banking, pension and financial services industries 2.10。

On November 1, 2022, the government announced that it would delay the financial adviser registration requirement until July 1, 2023, in order to make certain improvements to the first phase of registration requirements.。On 16 February 2023, the Government introduced these improvements in the Finance Law Amendment (Measures No. 1 of 2023) Bill 2023.。

On 30 May 2023, the Australian Securities and Investments Commission (ASIC) announced that it would postpone the registration date of the relevant provider to 1 October 2023.。On 20 September 2023, the Australian Securities and Investments Commission further postponed the registration date of the relevant provider to 1 February 2024.。