Following the entry into force of the registration requirement on 16 February 2024, most financial advisors have registered with the Australian Securities and Investments Commission (ASIC) and can legally provide individual advice on relevant financial products to retail clients.。

While most of the relevant providers are currently registered, ASIC reminds AFS licensees and relevant providers that they must continue to meet their registration obligations.。Both the AFS licensee and the relevant provider should ensure that they understand the circumstances under which a new registration is required and must register their relevant provider:

• After they have authorized and appointed an adviser to the register of financial advisers
• When they appointed an adviser who was transferred from another AFS licensee
• When the consultant changes from "temporary related provider" to "related provider"
• When the Consultant is doubly authorised and its authorisation with a registered AFS licensee ceases

Effective February 16, 2024, unregistered relevant providers and their AFS licensees who provide personal advice on relevant financial products to retail customers will be in breach of the law and face potential regulatory action.。