In the 2021/22 Fiscal Year, ASIC Approved 578 New Licenses

During the same time frame, 416 license applications were withdrawn or denied for submission, 558 licenses were terminated, and 12 licenses were suspended. In addition, 21 applications for professional registration were withdrawn, and 11 were denied.

ASIC received 1469 applications for AFS and credit licenses.

The Australian Securities and Investments Commission announced that it had received 1,469 applications for Australian financial services (AFS) and Australian credit licenses (licenses); had finalized 1,859 license applications (35% more than last year); had approved 578 new licenses (26% more than last year); had approved 867 license variation applications from existing licensees (61% more than last year); and had approved the registration of 89 company auditors and 40 SMSF auditors, and that

“The report explains our vital license assessment work and gatekeeping function to preserve high standards in the financial services and credit sectors,” ASIC Commissioner Danielle Press said. Our review of debt management business license applications exemplifies our gatekeeping duty. Fourteen debt management business candidates withdrew their applications after ASIC raised questions and concerns throughout the evaluation. This was roughly three times the rate of a standard credit license application.

The ASIC licensing function is restricted by resources and technology.

The Financial Regulator Assessment Authority (FRAA) has concluded its first evaluation of ASIC, which included an examination of the licensing function.

According to the FRAA, ASIC's licensing function is generally functional, and the licensing team is proficient, but hampered by limited resources and technology.

“We are updating our licensing platform to make it simpler and faster for applicants to apply for a license.” We are also changing how we connect with licensees in order to improve our engagement and response to applicants, Danielle Press stated.

The license report from Australia's regulator details the elements ASIC examines when examining an application, why a particular material is necessary, and variables that may lengthen the time it takes to evaluate an application.

ASIC Facts

The Australian Securities and Investments Commission (ASIC) is an independent Australian government entity that serves as the country's business regulator. It was founded on July 1, 1998, in response to the Wallis Inquiry's recommendations. The purpose of ASIC is to enforce and regulate corporate and financial services laws in order to safeguard Australian consumers, investors, and creditors. The Australian Securities and Investments Commission Act, 2001, established ASIC's jurisdiction and scope.

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