The Australian Securities and Investments Commission (ASIC) will release version 5 of e-licensing for Australian financial services licences (AFSL) when the financial services reform transition period ends on March 10.

The main difference between version 4 and 5 is version 5’s exclusion of questions relating to the streamlining or composite assessment processes. Why, you ask? The law doesn’t allow businesses and individuals to apply under these processes after the deadline. 

The regulator says businesses applying under the streamlining or composite processes can submit applications through the electronic system up until March 10, but businesses must apply at least two weeks before the deadline to “have any chance” of being licensed.

“While we will accept your application until 10 March, if you are not licensed in time you cannot continue your financial services business after 10 March until your licence is granted,” it said.

For businesses scratching their heads about which version they used, those who started applications before October 21 are using version 3, and those who started after October 21 are using version 4.