Applying for an Australian financial services (AFS) licence will be more efficient and involve less paperwork following changes announced by ASIC today.
Revisions to ASIC’s regulatory guidance for AFS licence applicants removes the requirement to submit paper versions of documents lodged online.
Under the changes, applicants for an AFS licence will no longer be required to lodge:
-
the signed application form and the supporting documentation in paper text, allowing applicants to submit these documents electronically, and
-
certified true copies of background credential checks known as ‘People Proofs’.
Updated guidance to reflect these changes is set out in Regulatory Guide 1 AFS Licensing Kit: Part 1 – Applying for and varying an AFS licence (RG 1), Regulatory Guide 2 AFS Licensing Kit: Part 2 – Preparing your AFS licence or variation application (RG 2), and Regulatory Guide 3 AFS Licensing Kit: Part 3 – Preparing your additional proofs (RG 3).The removal of the requirement to lodge paper versions of the applications and supporting documentation, and the certified copies of the ‘People Proofs’ will simplify and streamline the AFS licensing process.
ASIC Commissioner, Greg Tanzer, said these changes will save industry time and money, especially important for small business operators.
‘These updates reflect our commitment to efficient registration and licensing, essentially cutting red tape for business. We will also continue to review our policies and procedures to improve efficiency dividends for business where we can’, Mr Tanzer said.
The updated guidance provides current and prospective licence applicants with ASIC’s requirements for the AFS Licence application process and requirements for the preparation of ‘People Proofs’.
The updated guidance takes effect from Tuesday 12 June 2012.
Download: