ASIC's discussions with members of Australia's financial advice sector over its proposed additional examination for advisers and a potential self-regulatory organisation (SRO) had resulted in helpful feedback, the corporate regulator said yesterday.
"Discussions with industry participants around the self-regulatory organisation are continuing," an ASIC spokesperson told InvestorDaily.
"Feedback so far has been very helpful. Ideally, we would like to see a 2014 start date for the exam with a two-year transition period."
The corporate regulator will decide its next step following completion of the consultation period. The SRO is expected to have a board of six members plus a chair.
The regulator said it would also 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 board's responsibilities may include developing and setting standards for the exam through an external provider.
An independent technical committee would be appointed, which would be responsible for developing and maintaining the exam.
The corporate regulator issued a consultation paper regarding its proposed national exam in April last year.
