A report by Dentons shows that ASIC is currently only completing 21 per cent of applications within its 60-day target, but is expected to be back to achieving this time frame by the end of June.
In fact, recent figures suggest there could be over 100 limited licensing applications yet to be finalised, as the date projected by ASIC for the completion of the applications (31 March) fast approaches.
Figures released last week from an ASIC Licensing Liaison meeting show there are still 78 limited licence applications in draft stage, 120 require further information and 22 have concerns.
The Dentons report also noted that as part of its surveillance activity, ASIC expects compliance plans to be tailored to and reflect the business of the licensee to help build a culture of compliance.
In a bid to reduce application processing times, ASIC will also be updating its regulatory technology platform over the next three years that will include a new licensees portal and a new license application process aimed at collecting more information at the time of application.
This new system will see the end of paper lodgments, with all applications to be made through the portal.
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.