Businesses wishing to enter the Foreign Exchange (FX) and Derivative industries in Australia have been faced with extensive Australian Financial Services Licensing (AFSL) delays.
There had been a long time (some murmurs of over 2 years) since the Australian Securities and Investments Commission (ASIC) issued a retail FX and Derivative market making AFS Licence to allow new businesses to enter the industry. Now we are finally seeing this start to end with at least one new AFS Licence being issued by ASIC and drafts being issued to others.
July 2016 saw ASIC grant the first retail FX and Derivative market making Australian Financial Services Licence the industry has seen in a long time. Interestingly, the grant of this AFS Licence comes a few months after ASIC release a compliance report into the retail OTC Derivatives Sector. The industry can only hope that the granting of this AFS Licence will be the first of many.