ASIC Report 433: Overview of licensing and professional registration applications

Articles, Procedure + Litigation

ASIC Report 433: Overview of licensing and professional registration applications

May 26, 2015

ASIC has released its first report on its approach to licence applications with a view of helping to inform businesses and individuals wanting to provide financial services or credit, or register as a liquidator or auditor.

The report focuses on the period 1 July to 31 December 2014 and outlines the recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications as well as company auditor and approved SMSF auditor registration applications.

ASIC Deputy Chairman Peter Kell stated;

“The report is part of ASIC’s ongoing commitment to providing greater public information about our regulatory activities. The outcomes in this report demonstrate ASIC’s commitment to ensuring … minimum standards of compliance, supervision and conduct”

 The report states that for the period of 1 July to 31 December 2014:

  •  ASIC assessed approximately 1,660 license applications;
  • 49% of all applications assessed during this period were approved;
  • 8 AFS licences were suspended;
  • 120 AFS licences were cancelled; and;
  • 172 credit licences were cancelled.

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