To streamline access to crucial licensing information, the Australian Securities and Investments Commission (ASIC) has announced the launch of its new Professional Registers Search (PRS) tool, set to go live in late June 2024.

The PRS will provide users with an enhanced search functionality, enabling them to search for licenses and registrations across multiple register databases with a single query.

ASIC Unveils New Professional Registers Search Tool

The new tool aims to simplify verifying the licensing status of individuals and companies, making it easier for consumers to ensure they are dealing with licensed entities. The PRS will allow users to filter search results based on specific criteria, such as finding a license or registration in their home state or territory.

“The search has been designed with a ‘user-first’ approach, making it easier for anyone to find the information they need themselves,” the ASIC commented.

ASIC's Professional Registers Search is part of the regulator's ongoing digital transformation initiative, which seeks to establish ASIC as a data-driven regulator with a digital front door by 2030. The PRS project is a core component of this strategy, providing stakeholders with a single, intuitive point of contact for their digital interactions with ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term.

ASIC is launching a new streamlined Professional Registers Search (PRS). Releasing in late June 2024, the PRS allows users to review and search all of the professional registers databases with just one search https://t.co/AQVjnBeWvp pic.twitter.com/e56AJbkQyQ

— ASIC Media (@asicmedia) May 28, 2024

The first release of the PRS will include the migration of several key registers from ASIC Connect, including Australian Financial Services (AFS) licensees, credit licensees, registered auditors, and approved self-managed super fund (SMSF) auditors, among others. A second update, scheduled for late 2024, will make all professional register extracts and documents available through the new platform.

As ASIC continues to pursue new technologies and ways of working, the regulator aims to remain relevant to its stakeholders and anticipate changes in the dynamic regulatory landscape.

“Our digital mindset ensures we are a data-informed regulator and advocate for innovation across the financial sector,” ASIC added. “We explore new services, sharing information and assets to increase regulatory compliance and reduce harm.”

Also today (Tuesday), the regulator permanently banned former Sunshine Coast financial adviser Brett Andrew Gordon.

ASIC’s New Initiatives

Last week, Joe Longo, the Chairman of ASIC, emphasized the need for regulatory reforms concerning artificial intelligence (AI Artificial Intelligence (AI) Artificial Intelligence (AI) is a term coined by in 1956, which defines the automation of robotics to the actual process of robotics.The evolution of technology has since led to the gradual adoption of AI in several aspects of our lives. One of the most pertinent is its impact in the financial services industry, which provides a wide range of possibilities moving forward.Ways AI Can Transform FinanceAI has the potential to transform the financial services industry forever. This can take shape in Artificial Intelligence (AI) is a term coined by in 1956, which defines the automation of robotics to the actual process of robotics.The evolution of technology has since led to the gradual adoption of AI in several aspects of our lives. One of the most pertinent is its impact in the financial services industry, which provides a wide range of possibilities moving forward.Ways AI Can Transform FinanceAI has the potential to transform the financial services industry forever. This can take shape in Read this Term) use in the finance sector. He highlighted that the existing frameworks might not sufficiently keep up with the rapid technological advancements.

Additionally, in May, ASIC issued new guidelines targeting unlicensed entities and holders of AFS licenses. These guidelines focus on unsolicited contact that could lead to financial advice.

Meanwhile, ASIC guides locally operated and authorized firms to prepare for the soon-to-be-implemented mandatory climate disclosure regime. During a keynote address at the Deakin Law School International Sustainability Reporting Forum, Longo urged these entities to establish the necessary systems, processes, and governance frameworks to comply with the upcoming climate reporting standards.