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ASIC provides guidance on compliance with FSR Refinements regulations

ASIC provided guidance to financial service providers about compliance with regulations made on 15 December 2005. The regulations implement the Australian Government’s Refinements to Financial Services Regulation proposals paper issued in May 2005. ASIC will take into account the spirit and intent of the new regulations in administering them and determining whether entities are complying with their obligations. ASIC will be guided by the Explanatory Statement to the regulations and related information package, and the original proposals paper, Refinements to Financial Services Regulation (May 2005). The regulations make significant changes to the FSR framework. ASIC recognises that industry may need time to properly adjust to these changes. In administering the law, ASIC will adopt a reasonable and pragmatic approach to compliance with the new requirements during the initial settling in period.

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