ASIC’s new service charter standard for applications for new or varied AFS licences and credit licences

The Australian Securities and Investments Commission (ASIC) has announced it has changed its service charter standard for applications for new or varied AFS licences and credit licences.

Under the changes ASIC’s target timeframe for processing licence applications will increase and it will aim to make a decision: (a) within 150 days of receiving a complete application in at least 70% of cases (previously 60 days); and (b) within 240 days of receiving a complete application in at least 90% of cases (previously 120 days).

The changes to will apply to both applications currently under assessment and new applications received.

ASIC’s Report¬†553 Overview of licensing and professional registration applications: July 2016 to June 2017 ¬†(REP 553) provides an overview of ASIC’s activity and oversight in relation to applications for Australian financial services licences (ASFL), Australian credit licences (ACL), liquidator registration, company auditor and approved SMSF auditor registration.

During the period 1 July 2016 to 30 June 2017:

  • ASIC had approximately 3,346 applications under consideration, with 62% relating to AFS applications, 26% relating to Australian Credit licence applications and the remaining 12% related to professional registration (liquidators and auditors);
  • 1808 (54%) of all applications assessed during this period were approved;
  • 1247 (80%) of those approved were in a form other than as requested by the applicant (with 76% of these relating to an AFS licence and 24% related to a credit licence).
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