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.