The passage of the Financial Services Reform Amendment Bill on Friday serves as a friendly reminder that there are only three months until the end of the transition to the Financial Services Reform (FSR) Act, the Parliamentary Secretary to the Treasurer, the Hon Ross Cameron MP, said today.
The Government has continued to remind financial sector participants about the need to apply for their licences promptly, and has repeatedly stressed that there will be no extension to the 10 March 2004 deadline, Mr Cameron said.
With the passage of the FSR Amendment Bill, the Government has ensured that all impediments to transition have been removed. The amendments contained in the Bill provide certainty for industry and ensure there will be a smooth transition.
The Government welcomes the constructive contribution of all parties to the
debate on the Bill, which reinforced the importance of a smooth transition.
While the transition has been progressing well, with over 3000 applications
having been dealt with, industry needs to maintain their efforts in moving to
the new regime.
As previously stated, ASIC has stressed that there is no guarantee that applications lodged after 10 December 2003 will be processed before the end of the transition period. It is therefore imperative that all intending licensees lodge applications with ASIC as soon as possible and by no later than this date.
Mr Cameron urged companies to contact ASIC by emailing the Infoline on infoline@asic.gov.au or calling 1300 300 630 if they required further assistance.
"I am confident that there will be a smooth transition to FSRA, but it is important that applications should be lodged as soon as possible", Mr Cameron said.