List of recommendations

Recommendation 1

2.40The committee recommends that ASIC include information in its annual report on the numbers of transfers or changes in control that occur each year for each type of ASIC licence, including:

Australian Financial Service Licences;

Australian credit licences;

Australian auditor registrations;

market licences;

benchmark operator licences; and

clearing and settlement licences.

Recommendation 2

2.41The committee recommends that ASIC undertake and publish an audit to determine how many instances there are where an entity has acquired an ASIC licence through a transfer or a change in control, where the entity previously had the same licence type application/assessment refused, withdrawn, rejected, cancelled, or suspended.

Recommendation 3

2.42The committee recommends that ASIC examine the transfer or change in control of all high-risk licences including market licences, benchmark operator licences, clearing and settlement licences, and any financial service or credit licence transfers or changes in control that have high-risk features due to the scale or complexity of the service to be provided under the licence.

Recommendation 4

2.43The committee recommends that there be a review of the economic incentives for companies to acquire an ASIC licence through a transfer or change in control, rather than apply for that licence. This review should include potential changes to the law that may reduce the time and costs of licence applications and transfers for ASIC and industry.