The Australian Securities & Investments Fee (ASIC) launched its annual licensing report on Friday, revealing that it has permitted 578 new licenses between July 2021 and June 2022, which is a rise of 26 % from the prior 12 months.
The regulator acquired a complete of 1,469 purposes for the Australian Monetary Companies (AFS) license and Australian Credit score License within the interval. Moreover, the finalized utility determine went up 35 % to 1,859.
Moreover, ASIC permitted 867 license variation purposes from the present license, which is a soar of 61 % from the earlier 12 months.
In the meantime, the Aussie regulator withdrew or rejected 416 license purposes for lodgement. One other, 558 licenses have been cancelled, whereas 12 have been suspended. On high of that, it withdrew 21 skilled registration purposes and refused 11.
“The report outlines our vital license evaluation work and gatekeeping position to take care of excessive requirements within the monetary companies and credit score industries,” stated ASIC’s Commissioner Danielle Press.
“Our gatekeeping position is highlighted by our evaluation of debt administration agency license purposes. Fourteen debt administration agency candidates withdrew their purposes following questions and considerations raised by ASIC throughout [the] evaluation. This was at a fee practically 3 times larger than a typical credit score licensing utility.”
A Reputed Supervisor
ASIC supervises the monetary markets in Australia. Thus it licenses and oversees all monetary companies corporations working within the nation, together with FX and CFDs brokers, that are working within the nation with an AFS license.
The retail brokerage trade within the nation has been rattled in recent times by the large-scale failure of USGFX and ForexCT. Nonetheless, ASIC remains to be handing out licenses to retail FX and CFDs brokers: Moneta Markets acquired an AFS license earlier this 12 months.
In its four-year company plan revealed earlier, ASIC highlighted that its focus might be on technical dangers of buying and selling platforms. Earlier this week, it warned market intermediaries, together with brokers, towards the probabilities of identification theft and fraud amid the Optus information breach.
The Australian Securities & Investments Fee (ASIC) launched its annual licensing report on Friday, revealing that it has permitted 578 new licenses between July 2021 and June 2022, which is a rise of 26 % from the prior 12 months.
The regulator acquired a complete of 1,469 purposes for the Australian Monetary Companies (AFS) license and Australian Credit score License within the interval. Moreover, the finalized utility determine went up 35 % to 1,859.
Moreover, ASIC permitted 867 license variation purposes from the present license, which is a soar of 61 % from the earlier 12 months.
In the meantime, the Aussie regulator withdrew or rejected 416 license purposes for lodgement. One other, 558 licenses have been cancelled, whereas 12 have been suspended. On high of that, it withdrew 21 skilled registration purposes and refused 11.
“The report outlines our vital license evaluation work and gatekeeping position to take care of excessive requirements within the monetary companies and credit score industries,” stated ASIC’s Commissioner Danielle Press.
“Our gatekeeping position is highlighted by our evaluation of debt administration agency license purposes. Fourteen debt administration agency candidates withdrew their purposes following questions and considerations raised by ASIC throughout [the] evaluation. This was at a fee practically 3 times larger than a typical credit score licensing utility.”
A Reputed Supervisor
ASIC supervises the monetary markets in Australia. Thus it licenses and oversees all monetary companies corporations working within the nation, together with FX and CFDs brokers, that are working within the nation with an AFS license.
The retail brokerage trade within the nation has been rattled in recent times by the large-scale failure of USGFX and ForexCT. Nonetheless, ASIC remains to be handing out licenses to retail FX and CFDs brokers: Moneta Markets acquired an AFS license earlier this 12 months.
In its four-year company plan revealed earlier, ASIC highlighted that its focus might be on technical dangers of buying and selling platforms. Earlier this week, it warned market intermediaries, together with brokers, towards the probabilities of identification theft and fraud amid the Optus information breach.
