Tag Archives: licensing powers

ASIC Enforcement Review – Part 3

Increasing ASIC licensing powers

ASIC has previously raised concerns regarding its powers to regulate AFS and credit licensees, including concern over inconsistencies between the AFS and credit licensing regimes.

As such, it’s proposed to broaden ASIC’s licensing powers, including ASIC being able to refuse a licence application if it is not satisfied the applicant/licensee’s controllers are fit and proper. Note the ability to take licensing action against existing licensees, which is clearly intended to catch those attempting to circumvent the licensing process by acquiring an existing licence.

Read full article

Proposed reforms to boost ASIC’s search warrant and AFSL licensing powers

Treasury’s ASIC Enforcement Review taskforce, initiated by the Federal Government last year to review ASIC’s enforcement regime, has this week issued three ‘Positions and Consultation’ papers that propose significant increases to ASIC’s powers. The proposed changes will be of considerable relevance to financial services businesses.

Read full article