Between July 2017 until June 2018, the success rate for applications of AFS licenses was 44 per cent.
The Australian Securities and Investments Commission (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 Australian financial services (AFS) license, credit license or professional registrations, 48 percent or 1,383 were approved. The other 62 percent 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 AFS license to legally operate within the country.
Specifically, the number of applications for AFS licenses was 1,728 during the 1st of July 2017 until the 30th of June 2018. From this, 758 were approved, which is a 44 percent success rate. Other applications include credit license 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 license, this depends on the complexity of the business structure. For new AFS licenses, the number of applications finalized within 150 days was 74 percent. For application finalized with 240 days, the success rate was 88 percent. This is important for brokerages and financial firms to keep in mind when thinking of opening up operations in Australia.
For AFS license variations, 75 percent of applications were finalized within 150 days, whereas 86 percent of applications were completed with 240 days, leaving 14 percent unfinished in this time period.
Commenting on the process, Warren Day, Executive Director, Assessment & Intelligence at ASIC said: “ASIC's Licensing function provides the first gateway to ensuring applicants seeking an Australian financial services (AFS) licence or Australian credit licence (ACL), and auditor-related professional registration meet minimum standards to offer regulated services. We help protect consumers by ensuring an appropriate level of scrutiny is applied to these applications.”
The Australian Securities and Investments Commission (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 Australian financial services (AFS) license, credit license or professional registrations, 48 percent or 1,383 were approved. The other 62 percent 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 AFS license to legally operate within the country.
Specifically, the number of applications for AFS licenses was 1,728 during the 1st of July 2017 until the 30th of June 2018. From this, 758 were approved, which is a 44 percent success rate. Other applications include credit license 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 license, this depends on the complexity of the business structure. For new AFS licenses, the number of applications finalized within 150 days was 74 percent. For application finalized with 240 days, the success rate was 88 percent. This is important for brokerages and financial firms to keep in mind when thinking of opening up operations in Australia.
For AFS license variations, 75 percent of applications were finalized within 150 days, whereas 86 percent of applications were completed with 240 days, leaving 14 percent unfinished in this time period.
Commenting on the process, Warren Day, Executive Director, Assessment & Intelligence at ASIC said: “ASIC's Licensing function provides the first gateway to ensuring applicants seeking an Australian financial services (AFS) licence or Australian credit licence (ACL), and auditor-related professional registration meet minimum standards to offer regulated services. We help protect consumers by ensuring an appropriate level of scrutiny is applied to these applications.”
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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