Post: ASIC provides new guidance for certain AFS licence applications

ASIC has released Information Sheet 240 AFS licensing – Requirements for certain applicants to provide further information (INFO 240) to provide guidance to applicants on recent changes to ASIC’s Australian financial services (AFS) licensing assessment procedures. These changes apply to:

applicants that are a body corporate;
applicants that are Australian Prudential Regulation Authority-regulated bodies; and
applicants that are proposing to offer certain financial services or to operate in specific circumstances,
and are required to provide additional information to ASIC.

This will enable ASIC to ascertain whether it has reason to believe an applicant is likely to contravene its legislative obligations, including to deliver financial services ‘efficiently, honestly and fairly’ and to ensure that the responsible officers of a body corporate applicant are of good fame or character.

ASIC Executive Director – Assessment & Intelligence 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.’

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