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

INFO 240 provides guidance on the additional information ASIC now requires that is above and beyond what is requested in the existing AFS licence application forms.

Until ASIC updates its AFS licensing application portal, it will not reject an application for lodgement solely because it does not include the information or documents set out in the information sheet. However, it will only complete its assessment once this information is provided.

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.

The changes may also affect licence variation processes.