ASIC plans to improve its licensing process

The Australian Securities and Investments Commission(ASIC) published a press release recently. In the press release, ASIC provides licensing and professional registration activity updates for 2023-24. According to ASIC, between July 2023 and June 2024:

• received 1,531 licensing and registration applications

• finalised 1,246 applications for new and varied AFS and credit licences

• granted 280 new AFS licences and 143 new credit licences

• approved 495 AFS and credit licence variation applications from existing licensees

• registered 113 company auditors, 45 self-managed superannuation fund (SMSF) auditors and 17 liquidators, and

• decided on 80% of new AFS licence applications and 75% of AFS licence variation applications within 150 days.

In the same period, 239 AFS licences and 204 credit licences were cancelled or suspended. In addition, 44 professional registration applications were withdrawn and two were refused.

ASIC Commissioner Alan Kirkland said, ‘ASIC’s licensing and professional registration function plays a key gatekeeping role by ensuring new licensees and registered professionals meet the necessary thresholds.

‘This year we are continuing to improve ASIC’s licensing processes and systems through our stakeholder and applicant engagement process. ‘We’re also building a new digital portal for AFS licensees and applicants to make it easier and more efficient to apply for, maintain, and vary their licence, enabling a modern and user-friendly application process.

About ASIC

ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.

ASIC role is to:

• maintain, facilitate and improve the performance of the financial system and entities in it

• promote confident and informed participation by investors and consumers in the financial system

• administer the law effectively and with minimal procedural requirements

• receive, process and store, efficiently and quickly, information we receive

• make information about companies and other bodies available to the public as soon as practicable

• take whatever action we can, and which is necessary, to enforce and give effect to the law.

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