ASIC AFS Licence Applicants Have 44% Success Rate, Report Shows

The (ASIC) announced this Thursday that it has published an assessment report on licensing and professional registration applications between July 2017 until June of 2018 in the country.
Between the one year period, the financial regulator found that less than half of the 2,879 total applications considered were approved. 

Out of the total applications, which includes firms wanting to receive an , credit licence or professional registrations, 48 per cent or 1,383 were approved. The other 62 per cent of the applicants were still approved but in a different form than what was originally applied for.
In Australia, brokerages, trading venues and financial firms need to acquire an to legally operate within the country.
Specifically, the number of applications for AFS licences was 1,728 during the 1st of July 2017 until the 30th of June 2018. From this, 758 were approved, which is a 44 per cent success rate. Other applications include credit licence and registrations.
Brokers Should Allow More Than 150 Days to Acquire an AFS Licence
As for the amount of time it takes to receive a licence, this depends on the complexity of the business structure. For new AFS licences, the number of applications finalised within 150 days was 74 per cent. For application finalised with 240 days, the success rate was 88 per cent. This is important for brokerages and financial firms to keep in mind when thinking of opening up operations in Australia.
For AFS licence variations, 75 per cent of applications were finalised within 150 days, whereas 86 per cent of applications were completed with 240 days, leaving 14 per cent unfinished in this time period.