ASIC has today released a revised version of Regulatory Guide 98 Licensing: Administrative action against financial services providers to assist participants in the financial services industry understand when and how ASIC may take administrative action such as a banning action.The revised policy reflects amendments to ASIC’s administrative powers under the Corporations Act (the Act), introduced as part of the Future of Financial Advice (FoFA) reforms which are due to commence on 1 July 2012. Other revisions ensure consistency between RG 98 and Information Sheet 151 ASIC's approach to enforcement, which sets out how ASIC exercises its enforcement powers.