The Australian Securities and Investments Commission, popularly known as ASIC, has updated its licensing and registration activities, revealing that it approved 394 new Australian financial services (AFS) and credit licenses between July 2019 and June 2020.
The announcement on Wednesday is further detailed that the regulator received 1,500 licensing and professional registration applications in the 12 months, including 1,346 AFS and credit licensing applications. The regulator received 1,504 such applications in the previous 12 months.
Additionally, ASIC approved 580 variation applications of the AFS and credit license.
Further, the report highlighted that 361 AFS and credit license applicants withdrew their applications while the regulator rejected 4. Another 683 licenses were canceled, and 40 were suspended.
After the specified period of the report, ASIC canceled the AFS license of forex brokerage Union Standard International Group Pty Ltd (USGFX) as it entered into liquidation.
The Australian regulator revealed that it imposed additional conditions on approving the applications to ensure the appropriation of the business activities and competence.
“These reforms broaden the scope of who ASIC will consider as ‘fit and proper people’ for license applications,” ASIC Commissioner, Danielle Press said in a statement. “We have new powers to refuse a license application where we have been provided false or misleading information or there is an omission of a material matter in an application, report, or statement from an applicant.”