Australia to Launch New Portal for Financial Services Licensing

The Australian Securities and Investments Commission (ASIC) plans to launch a new licensing portal on May 5, marking a significant step in its digital transformation.

ASIC says the newly launched, modernized portal will be more efficient and user-friendly for AFS licensees and applicants when applying for, maintaining, varying, and cancelling AFS licenses.

The new portal can pre-fill known information, ask relevant questions of each applicant, and gather basic information in advance. This enhancement will help shorten the assessment process and improve user experience.

In addition, the ASIC website will provide supporting resources to help users understand the new system and updates for a smooth transition.

While there are changes in the design and functionality of the new portal, this will not change the eligibility criteria for AFS licensing or the information required to be submitted when applying for a license. ASIC Licensing Guidelines 1-3, known as the AFS Licensing Kit, will also be updated, with no changes to the policy settings in these regulatory guidelines.

AFS licensees and applicants will continue to use the existing portal before the new portal launches on May 5.