The Australian Securities and Investments Commission (ASIC) is halving the amount of paperwork needed for an Australian financial services licence application.

ASIC Executive Director of Regulation Malcolm Rodgers said it has reduced the documents that must accompany an initial licence application to no more than four documentary proofs. “In some instances, ASIC might need to ask for additional paperwork to enable it to assess an application fully,” he said. “But for most applicants four proofs will be sufficient.”

He denies the regulator is “lowering the bar” for applications. “We are drawing on our regulatory experience to remove the need for extensive paperwork where we are confident we understand the applicant’s business,” he said.

Current pending licence applicants won’t need to resubmit or change their licence application.