ASIC reports on Australian Financial Services and other licensing activity
The Australian Securities & Investment Commission has issued today its second report in relation on its approach to license activity and applications.
Report 448 Overview of licensing and professional registration applications: January to June 2015 (REP 448) sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications, company auditor and approved SMSF auditor registration applications.
The report is part of ASIC’s ongoing commitment to providing greater public information about our regulatory activities. ASIC’s first licensing activity report was published in May 2015 (refer: 15-118MR).
Related Article: ASIC releases first licensing activity report
ASIC Deputy Chairman Peter Kell said, ‘As we did in our first report, today’s report highlights ASIC’s continuing focus on retail OTC derivatives and marketplace lending, and also discusses the additional areas of digital (robo) advice, limited licensing, consumer leases and Centrepay, and ASIC’s recently announced Innovation Hub.’
For 1 January to 30 June 2015:
- ASIC assessed approximately 2050 applications, with 35% relating to a new licence application and the remaining 47% relating to variations to existing licence; 18% related to professional registration (liquidators and auditors)
- Of the total number of applications assessed, 47% of these related to an Australian financial services (AFS) licence and 35% related to an Australian credit licence
- 48% of all applications assessed during this period were approved
- 57% of those approved were in a form other than as requested by the applicant (with 71% of these relating to an AFS licence and 46% related to a credit licence)
- nine AFS licences were suspended, 98 AFS licences were cancelled and 192 credit licences were cancelled, and
- ASIC assessed 369 applications for professional registration as liquidators and auditors
Source: ASIC – ASIC releases second licensing activity report and announces licensing liaison meetings
