We recently wrote about changes to ASIC's assessment procedures for AFSL applications, which now require applicants to provide additional information and documentation as part of their application. The introduction of new prices for ASIC's regulatory services (fees for service) as part of the industry funding laws has substantially increased the fees payable to ASIC for AFSL applications. Also, ASIC's service charter continues to indicate applicants should expect a decision about whether to grant them an AFSL or a variation within 150 to 240 days of lodgement.
Our specific expertise and streamlined procedures for AFSL applications means the process is smooth, time efficient, and as easy as possible for applicants. It also ensures the AFSL or variation sought is appropriate and the applicant has the tools to ensure they comply with their obligations going forward.
Acknowledging our expertise, we recently received a draft AFSL on behalf of an applicant in less than half the time cited in ASIC's charter, and were praised by ASIC for the ease of the assessment and the quality of the application.
In the current regulatory environment, it is more important than ever to ensure a new application or variation application is prepared and lodged with the highest quality information; is appropriate, having regard to the applicant's proposed (or actual) financial services business; and complies with the AFS laws and regulatory policy.
Our team will help to ensure a streamlined and successful application process.