The Australian Securities & Investments Commission (ASIC) has made some changes to Australian financial services (AFS) licensing assessment procedures.
The latest revisions require the licence applicants provide additional information to the regulator to improve the assessment process.
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ASIC has released information sheet (INFO 240) to update the applicants about the latest changes.
These changes will be applicable for all AFS licence applicants representing a body corporate and Australian Prudential Regulation Authority-regulated bodies.
Applicants, who aim to provide certain financial services or operate in specific circumstances, will also come under the purview of new regulations.
The additional historical information will be used by the regulator to understand if the applicant is likely to violate legislative obligations.
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By GlobalDataAlso, the regulator will leverage the information to ensure that the respective officers of a body corporate applicant are of ‘good fame or character’. The assessment includes criminal and bankruptcy checks against the officers.
ASIC Assessment & Intelligence executive director Warren Day said: “ASIC has reviewed the AFS licence assessment processes and has streamlined its assessment processes in some limited respects.
“This is designed to avoid unnecessary delays that may arise when ASIC seeks additional information during an assessment.”
Currently, ASIC is developing a new regulatory portal featuring a new AFS licence application platform. The existing AFS licence platform will be in use till the new solution goes live.
