ASIC Approved 394 AFS and Credit Licences July 2019 to June 2020
The Australian Securities and Investments Commission (ASIC) reported on Wednesday that between July 2019 and June 2020, it approved 394 new Australian financial services (AFS) and credit licences and 580 variation applications by AFS and credit licensees.
This year, the Australian regulator received 1,346 AFS and credit licence applications, bringing the total number of licensing and professional registration applications to 1,500, which, however, represented a slight decrease from the 1,504 applications in the previous year.
The regulatory body said that in assessing the majority of this year's applications, it imposed additional conditions on the licence to ensure applicants were only granted authorisations appropriate to their business activities and competence.
Addtionally, throughout the year, 361 AFS and credit licence applications were withdrawn or rejected for lodgement, 4 were refused, and 683 AFS and credit licences were cancelled and 40 suspended.
The watchdog also approved the registration of 58 company auditors, 40 SMSF auditors and registered 12 liquidators approved by the liquidator registration committee. In the same period, 41 professional registration applications were withdrawn and two were refused.
ASIC Commissioner Danielle Press said: "The update outlines our work in maintaining the standards of financial services and credit activities, and recent reforms to ASIC's licensing processes."
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