ASIC Fell Short on License Speed After Receiving 803 Applications
By Damian Chmiel
AI summary of the source article
ASIC missed its targets for processing Australian financial services license applications, deciding 82% within 240 days against a 90% goal. The regulator attributed the delays to portal migration and complex digital asset models.
Key facts
- ASIC decided 82% of license applications within 240 days versus a 90% target, receiving 803 applications to grant or vary AFS licenses in the 12 months to June 30.
- The regulator approved 698 licenses, canceled or suspended 255, and cited portal migration and novel digital-asset business models for processing delays.
- Courts imposed AU$829.9 million in civil penalties, up from AU$104.1 million, including an AU$300.2 million penalty against Union Standard International Group.
Source excerpt · Finance Magnates
The Australian Securities and Investments Commission (ASIC) missed its own targets for deciding financial services license applications, its annual report showed today (Monday). It decided 82% of applications within 240 days, against a goal of 90%. That license is what CFD brokers, market makers and crypto platforms need to serve Australian clients. ASIC counts 75 retail over-the-counter (OTC) der…