CHANGE: Crowd-sourcing - Hurry up and wait
From 29 September 2017, you'll be able to apply for an AFS licence authorisation to provide a crowd-funding service.
We've addressed crowd-funding elsewhere, but it's important to appreciate ASIC's willingness to prioritise these applications and their appreciation of the "commercial and competitive implications" of the timing and speed of their approvals.
Applications lodged between 29 September and 27 October 2017 will be processed "at broadly the same time" in batches. Applications that are inadequate, defective or rejected will be relegated to subsequent batches. So it's important to get the application/variation right first time.
Applications lodged after 27 October 2017 will be processed as soon as practicable.
In addition to prioritising the reference and character checks, applicants should focus on the new C11 questions and proof and issues of organisational capacity - in particular, the Information Technology Capacity Statement.
In preparation, applicants should read and consider
- ASIC Consultation Paper 289
- ASIC RG 104 Licensing: Meeting the general obligations
- ASIC RG 105 Licensing:Organisational competence
- ASIC RG 166 Licensing: Financial requirements