ASIC has begun talks with Australia's financial advice associations and a number of major institutions about its proposed additional examination for advisers and potential self-regulatory organisation (SRO).
"ASIC has commenced consultation with the advice industry. We are talking to a range of associations and major companies," an ASIC spokesperson told InvestorDaily.
"Some feedback has been received however it is still too early to comment."
ASIC will decide on its next step following completion of the consultation period.
"If we see support for the self-regulatory organisation (SRO), the next step would be to set up the self-regulatory organisation," the spokesperson said.
The SRO is expected to have a board of approximately six members plus a chair.
The corporate regulatory said it would like to see the completion of the national exam as a requirement for membership of an industry association or a condition of employment for industry participants.
The corporate regulator issued a consultation paper regarding its proposed national exam in April last year.
ASIC is proposing a 2014 start date for the exam with a two-year transition period.
