ASIC has updated Regulatory Guide 204 Applying for and varying a credit licence (RG 204) and Regulatory Guide 206 Credit licensing: Competence and training (RG 206) to reflect the following changes:

• the end of the transition period between credit registration and credit licensing
• legislative changes that have been made since June 2010
• changes to ASIC’s policy on organisational competence and representative training for credit licensees that provide home loans and
• changes to ASIC’s assessment process for credit licence applications to require provision of bankruptcy checks for fit and proper people of the applicant instead of a credit history report.