Licensing and regulation
When preparing your application for Innovation Hub assistance, you need to review information on licensing and consider whether your business needs one to operate. Learn about different licences and your ongoing obligations here.
When applying for assistance through the Innovation Hub, you will need to describe how you think the law or regulatory framework could apply to your business.
This involves considering:
- if you need a licence
- authorisations you need to apply for
- what you need to provide to ASIC to get those licence authorisations.
ASIC issues Australian financial services (AFS) licences and Australian credit licences (credit licences), and regulates Australian market licencees. Once licensed, you will need to meet ongoing obligations related to your licence.
If you have an idea of the kind of licence that you may need, you can access the detailed information below.
Financial services businesses in Australia generally need to hold an AFS licence or be authorised by a licensee to operate. Exemptions do apply and are examined on a case-by-case basis. Learn more about AFS licences.
Business engaging in credit activities generally need to hold a credit licence or be authorised by a licensee to operate. Learn more about credit licences.
Licensed and exempt market operators
If you operate a financial market you must obtain an Australian market licence, or an exemption from the Minister. Learn more about financial market operators.
You may also wish to obtain separate legal advice to help determine the best course of action for your business.
Fintech licensing exemption
Under our fintech licensing exemption eligible businesses are able to test specified services for up to 12 months, with up to 100 retail clients, as long as they meet certain consumer protection conditions.
- Learn more about the fintech licensing exemption
- Infographic – Licensing exemption for fintech testing
If you are unable to rely on the fintech licensing framework, you are able to seek an individual exemption. For more information, you may wish to read our advice on ASIC's licensing flexibility and our policy on individual exemptions.
- Research licence types as you prepare your application for assistance through the Innovation Hub.
- Ensure you have read all of the related information.
- Decide if you need external legal support.
- Understand your ongoing obligations.
Licensing guidance for some business model examples can be accessed below.