ASIC makes changes to AFSL application process
Updated regulatory guidance for applying for an Australian financial services licence (AFSL) removes the requirement to submit paper versions of documents lodged electronically.
Under changes to the Australian Securities and Investments Commission's various 'AFS Licensing Kit' requirements, applicants will no longer need to lodge signed application forms and the supporting documentation or certified true copies of background credential checks in paper form.
Allowing applicants to submit these documents electronically will simplify and streamline the AFS licensing process, ASIC stated.
ASIC Commissioner Greg Tanzer added that the changes will save the industry time and money, which was particularly important to small business operators.
"We will continue to review our policies and procedures to improve efficiency dividends for business where we can," he said.
The changes are set out in Regulatory Guide 1 (RG 1) 'AFS Licensing Kit: Part 1 - Applying for and varying an AFS licence', RG 2 'AFS Licensing Kit: Part 2 - Preparing your AFS licence or variation application, and RG 3 'AFS Licensing Kit: Part 3 - Preparing your additional proofs'.
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