To simplify access to key licensing information, the Australian Securities and Investments Commission (ASIC) has announced the launch of a new Professional Registration Search (PRS) tool, which will go live at the end of June 2024.

PRS will provide users with enhanced search functionality, enabling them to search for licence and registration information across multiple registration databases with a single query.

ASIC launches new PRS tool

Designed to simplify the verification of individual and company licence status and make it easier for consumers to ensure they are dealing with a licensed entity, the new tool, PRS, will allow users to filter their search results based on specific criteria, such as looking for licensing or registration information for their state or territory.

PRS searches are said to be designed with a 'user-first' approach, making it easier for anyone to find the information they need.

ASIC's professional registration information search is part of the regulator's ongoing digital transformation programme, which aims to make ASIC a data-driven regulator with a digital front door by 2030.The PRS project is a core component of this strategy, providing a single, intuitive point of contact for stakeholders to interact digitally with ASIC.

The first release of the PRS will include the migration of several key registries from ASIC Connect, including the Australian Financial Services (AFS) Licensee, Credit Licensee, Registered Auditor and Approved Self-Managed Superfund (SMSF) Auditor. A second update planned for late 2024 will make all professional registration extracts and documents available through the new platform.

As ASIC continues to pursue new technologies and ways of working, the regulator aims to stay close to its stakeholders and anticipate changes in the dynamic regulatory environment.

ASIC added: "Our digital mindset ensures we are a data-informed regulator and champion innovation across the financial sector. We explore new services and share information and assets to improve regulatory compliance and reduce harm.

ASIC's new initiatives

Not long ago, ASIC Chairman Joe Longo emphasised the need for regulatory reform of the use of artificial intelligence (AI) in finance. He emphasised that the existing framework may not be able to keep up with rapid technological advances.

Additionally, ASIC released new guidelines for uncertified bodies and AFS licence holders in May. These guidelines focus on unsolicited contacts that may lead to financial advice.

At the same time, ASIC is directing locally-operated authorised companies to prepare for the upcoming mandatory climate disclosure regime.In his keynote address at the Deakin Law School International Sustainability Reporting Forum, Longo urged these entities to put in place the necessary systems, processes and governance frameworks to comply with the upcoming climate reporting standards.