ASIC has published Report 738 Licensing and professional registration activities: 2022 update (REP 738) which outlines ASIC’s licensing and professional registration activities, discusses new and proposed changes to its licensing processes, and notes other work that affects licensees.
The report provides interesting statistics about ASIC’s administration including the timeframes in which applications were finalised in the period from 1 July 2021 to 30 June 2022:
| Type of application | Finalised within 150 days | Finalised within 240 days |
| AFS licence – new | 73% | 91% |
| AFS licence – variation | 67% | 89% |
| Credit licence – new | 75% | 71% |
| Credit licence – variation | 87% | 90% |
| All AFS and credit licence applications | 71% | 90% |
ASIC also supervises registered liquidators, company auditors and approved SMSF auditors.
In the last year ASIC has also assumed responsibility for:
› insurance claims handling and settling services;
› debt management services firms; and
› corporate collective investment vehicles.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
