More than 100 Australian financial services licensees (AFSL) are among a group of individuals and companies now eligible for authorisations to provide financial services in emissions units.
On Friday, ASIC announced it has started granting licences to Australian businesses planning to provide financial services in emissions units.
The authorisation of the new licenses follows 173 individuals and companies registering with ASIC to provide financial services in emissions units and related derivatives earlier this year.
Of this number, 110 include AFSL seeking to vary their authorisations to include emissions units.
Registrants have until 31 October 2012 to either apply for an AFSL or seek a licence variation. If an application isn't lodged, registrants must stop offering these services, ASIC said in a statement.
New entrants to the carbon markets can apply for an AFSL or licence variation with an authorisation for emissions units at any time. ASIC must issue an AFSL before services are provided.
To assist applicants ASIC has released Information Sheet 156 Regulated emissions units: Applying for or varying an AFS licence (INFO 156) and general guidance on how the financial services regime applies to emissions units and carbon markets.
ASIC has also published additional guidance regarding application requirements on its website.
Registered applicants have until 31 October 2012 to apply for an AFSL or cease providing financial services after this date.
Since 1 July 2012, emissions units recognised under the carbon pricing mechanism are financial products under the Corporations Act 2001. Any individual or company providing financial services in emissions units and related derivatives requires an AFS licence or licence variation, unless exempt.
