Regulatory Alerts2010-11-25 | RG-218RG 218 Licensing: Administrative action against persons engaging in credit activities
The Australian Securities and Investments Commission issued this guide for credit licensees, their representatives, and registered persons engaging in credit activities during the transition period until 30 June 2011. It outlines the administrative enforcement powers available to ASIC under the National Consumer Credit Protection Act 2009 and the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009. The document further details the specific matters ASIC generally considers when exercising these compliance powers.
Issued 25 November 2010
This guide is for credit licensees and their representatives, as well as registered persons who engage in credit activities during the transition period (i.e. until 30 June 2011).
It describes the administrative powers available to ASIC to enforce compliance with the National Consumer Credit Protection Act 2009 (for credit licensees) and the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (for registered persons). It also indicates the matters ASIC generally takes into account when exercising these powers.
Download RG 218 (PDF 186 KB)