ASIC’s approach to approving licence applications.

6 December 2017


This week, ASIC released Report 553 which detailed its approach to the assessment of licence applications from July 2016 to June 2017.

The key findings included:

  • 62% of the 3,346 applications considered during the period related to AFSL and 26% to ACL applications.
  • 54% of the applications considered were approved.
  • ASIC’s current areas of focus include:
    • Crowd-sourced Funding Intermediaries – intermediaries providing public fundraising platforms must hold an AFSL;
    • Market Place Lending – allows investors to in loans to consumers and SMEs; and
    • Managed Discretionary Accounts – changes to existing policy were implemented in September 2017.
  • ASIC refused six AFS Licences during the period as ASIC had reason to believe that the applicants  would be likely to contravene their s912A obligations; and/or ASIC had reason to believe the applicant’s responsible officers were not of good fame and character.

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