ASIC releases second licensing activity report, plans licensing liaison meetings

THE Australian Securities and Investments Commission (ASIC) has published its second report on its approach to licence applications and it has also released a meetings schedule to assist businesses in the financial services sector.

ASIC's 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. 

ASIC deputy chairman Peter Kell said the report was part of ASIC’s ongoing commitment to providing greater public information about itsregulatory activities. ASIC’s first licensing activity report was published in May 2015.

"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," Mr Kell said.

He gave a detailed breakdown of recent activities from January 1 to June 30, 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.
• ASIC assessed 369 applications for professional registration as liquidators and auditors.

LICENSING LIAISON MEETINGS

ASIC is organising meetings in Sydney on Monday, October 26, 2015 and Melbourne on Tuesday, October 27, 2015.

Licensing will also become a topic for discussion at ASIC’s regional liaison meetings in Adelaide, Brisbane, Hobart and Perth.

"We will be publishing an agenda for these meetings on our website and invitations will be sent out to our targeted audience of advisers and service providers shortly," Mr Kell said.

"We encourage people to attend as the meetings will provide insights into ASIC’s regulatory approach to its licensing and professional registration responsibilities.

"They will cover current topics relevant to the application for a licence and professional registration process.

"Senior staff will be available to present information and respond to questions," he said.

For details on the meetings and to RSVP to attend click here.

Download REP 448.

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