ASIC approved 578 new licenses in 2021/22 season

Rick Steves

“The report outlines our important licence assessment work and gatekeeping role to maintain high standards in the financial services and credit industries.”

In its latest annual licensing report, Australia’s financial watchdog ASIC announced it approved 578 new licences (26% more than last year) in the period between July 2021 and June 2022.

In the same period 416 licence applications were withdrawn or rejected for lodgement, 558 licences were cancelled and 12 licences were suspended. In addition, 21 professional registration applications were withdrawn and 11 were refused.

ASIC received 1,469 AFS and credit license applications

The Australian Securities and Investments Commission announced it:

  • received 1,469 Australian financial services (AFS) and Australian credit licence (licences) applications;
  • finalised 1,859 licence applications (35% more than last year);
  • approved 578 new licences (26% more than last year);
  • approved 867 licence variation applications from existing licensees (61% more than last year); and
  • approved the registration of 89 company auditors, 40 SMSF auditors and note that the liquidator registration committee approved the registration of 21 liquidators.

ASIC Commissioner Danielle Press said: “The report outlines our important licence assessment work and gatekeeping role to maintain high standards in the financial services and credit industries. Our gatekeeping role is highlighted by our assessment of debt management firm licence applications. Fourteen debt management firm applicants withdrew their applications following questions and concerns raised by ASIC during assessment. This was at a rate nearly three times higher than a typical credit licensing application.”

ASIC licesnsing function constrained by limited resourcing and technology

The Financial Regulator Assessment Authority (FRAA) completed its first review of ASIC, which included an assessment of ASIC’s licensing function.

The FRAA’s overall assessment is that ASIC’s licensing function is broadly effective, and the licensing team is capable, although somewhat constrained by limited resourcing and technology.

“We are implementing changes to update our licensing portal to make it easier and more efficient for applicants to apply for a licence. We are also making changes to how we interact with licensees to enhance our engagement with and responsiveness to applicants”, Danielle Press added.

The Australian regulator’s licensing report outlines factors ASIC considers when reviewing an application, why certain information is required, and factors that may increase the time taken to assess an application.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎


Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.


FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.