ASIC overview of licensing and professional registration – July 2016 to June 2017

ASIC has today reported on its approach to and assessment of licence applications and professional registrations for the period July 2016 to June 2017.

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.

The regular publication of these reports is intended to provide greater transparency about our regulatory activities and information about volume and outcomes from our licensing and registration assessments. ASIC’s first licensing activity report was published in May 2015 (refer: 15-118MR).

Acting Chairman Peter Kell said, ‘ASIC’s licensing and professional registration functions play an important role in ensuring applicants meet minimum standards to perform an activity. We are committed to protecting consumers by appropriate scrutiny of licence applications.

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);
  • 18 AFS current licences were suspended, 214 AFS licences were cancelled, eight credit licenses were suspended and 405 credit licences were cancelled;
  • ASIC assessed 389 applications for professional registration as liquidators and auditors; and
  • ASIC completed the assessment of the majority of the Limited AFS licence applications received (approximately 40% of the 1,178 applications relying on transitional concessions to obtain a licence, were lodged in June 2016 following a three year transition).


© Australian Securities & Investments Commission. Reproduced with permission.