Details have been released by the Australian Securities and Investment Commission (ASIC) that relate to the registration and licensing process for those intending to provide financial services in emissions unit under the carbon pricing mechanism.
ASIC Commissioner, John Price, said “registration will help providers of financial services meet their licensing requirements under the Corporations Act 2001”.
“From 1 July 2012, emissions units recognised under Australia’s carbon pricing mechanism will be financial products. ASIC’s priority is to help market participants understand and meet their obligations when providing financial services concerning these products”, he said.
ASIC advise that ‘registrations for those involved in advising, dealing, making a market, or providing a custodial or depository service in relation to emissions units can be lodged with ASIC from 1 May 2012 until 30 June 2012.’
Mr Price said “the aim of the registration process is to enable people intending to either apply for an Australian financial services (AFS) licence or vary an existing licence to offer financial services in emissions units from 1 July 2012.
“By registering, people can offer financial services in emissions units until 31 December 2012, provided they have applied for an AFS licence by 31 October 2012.
“From 1 January 2013, it will be an offence to provide financial services in emissions units without a licence, unless exempt”.
A regulatory guide, Do I need a licence to participate in carbon markets? was released in March 2012 to assist people to determine whether they require an AFS licence to provide financial product advice and other financial services in emissions units.
