The following is an overview of the timeline for transition to the national credit regime. The Australian Securities & Investments Commission's (ASIC) has available a detailed timeline for transition (PDF 68KB).
Getting registered
This applies to persons engaging in credit activities before 1 July 2010
| From 1 April 2010 |
If you are engaging in credit activities you must register with ASIC unless:
You can register on ASIC's website |
| 18 June 2010 |
If you register before 19 June 2010, ASIC will be able to make a decision on your application by 30 June 2010. If you to register after 18 June 2010, you risk that your application will not be assessed in time for you to continue business from 1 July 2010. ASIC will not accept registrations after 30 June 2010. |
Getting licensed
All registered persons must apply for a credit licence by 31 December 2010
| 1 July 2010 |
Registered persons then have 6 months to apply for credit licence from 1 July 2010. If you do not register between 1 April and 30 June 2010 or you wish to engage in credit activities for the first time on or after 1 July 2010 you must apply for and receive a credit licence first or be a representative of a credit licence. |
| 31 December 2010 |
If you are a registered person and you have applied for a credit licence by 31 December 2010, then you can continue engaging in credit activities until ASIC make a decision on your licence application. If you do not lodge your licence application before 31 December 2010, you must stop engaging in credit activities until you have a credit licence. |
| 30 June 2011 |
If you are engaging in credit activities you must have a credit licence or be a representative of a credit licence by 30 June 2011. After you are granted a licence, your registration is cancelled and you can only provide the credit activities authorised by your credit licence. |