The Australian Securities and Investments Commission (ASIC) has released version 3 of the eLicensing system and the AFS Licensing Kit for businesses wishing to apply for an Australian financial services licence (AFSL).

This version is intended to widen eligibility criteria through a streamlining process for those applying for a licence. The changes reflect alterations to the regulations made in March. But don’t worry if you’ve already started with e-version 2, because you don’t have to start from scratch again.

So what makes version 3 different from version 2? Some changes have resulted in the references to Corporations Act licences and insurance broker registrations being removed. It also asks whether applicants intend to operate an investor-directed portfolio service and providers are now asked to rank their intended business activities in order of importance.

Ian Johnston, ASIC’s Executive Director Financial Services Regulation, says the number of licence applications being received is increasing, but he warns that businesses shouldn’t let time get ahead of them.

“Preparing an application takes time,” he said. “Prospective licensees [should remember] the importance of ensuring their applications are submitted in sufficient time to be assessed.” In other words, don’t leave it to the last minute.

ASIC will release updated industry guides reflecting the eLicensing changes later this month. For further information on the changes go to www.asic.gov.au.