Requesting assistance

To receive assistance through the Innovation Hub you must submit an assistance request form. In order to apply, it is important to consider how the law might apply to your innovation and appoint the correct person from your business to input into your application. The 5 step application process is explained below.

ASIC will consider all requests for informal assistance through the Innovation Hub and aims to help as many businesses as possible. Whether we are able to offer your business assistance will depend upon the extent to which you are able to meet our eligibility criteria.

Before you request assistance, please review ASIC's published guidance and think about how the law might apply to your innovation. This will help us help you more effectively.

To request our assistance please complete the following form:

Assistance request form

Your answers to the questions in this form will help us to understand your business, and the type of help you need. It is a tool to help start our discussion - it is intended to be quick for you to complete, and not to be a barrier to seeking help.

To complete your application you will need to seek input from someone within your business with responsibility for the significant day-to-day decisions about the financial services you offer.

Submit any questions and your completed form (with any relevant attachments you wish to include) to us at innovationhub@asic.gov.au.

Assistance process

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Your submission

Submit your Innovation Hub assistance request form

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ASIC's assessment

We assess your request against the eligibility criteria and will provide a response in about one week

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ASIC's response

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We need more time

  • We require more time to assess your request
  • You will be kept informed of any progress.
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We need more information

  • More information is needed to assess your request
  • We will discuss what information is required with you by email
  • Once the information is provided, the assessment will continue.
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Does not meet criteria

The eligiblity criteria has not been satisfied.

  • An explanation will be provided and we will refer you to any relevant ASIC guidance that may support you moving forward
  • Once your business idea is more defined, reconsider
    applying for assistance.
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Meets criteria

Your request is eligible for assistance

  • Informal assistance will be provided by email

OR

  • A face-to-face or phone meeting will be held within 2–3 weeks from making your request, subject to availability.

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Your next step

Once you have considered any assistance or guidance from ASIC, you will need to work out how you will comply with any laws that apply to you. Your next step may include:

  • Operate as an authorised representative of another business
  • Make changes to your business model in light of assistance provided
  • Make a waiver application
  • If you already hold an AFS licence, meet compliance requirements (eg. register scheme or complete disclosures).
  • Make a formal licence application

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Your application

If you choose to make a formal application

ASIC's licensing team assigns a dedicated analyst to your application.

Timing

Typically, the process to request assistance through the Innovation Hub takes up to four weeks, but varies depending on the complexity and quality of your application.

Next steps

Your assigned Innovation Hub analyst will then assist you by providing informal advice as you prepare your licensing application and streamline the process as much as possible. They will provide support for 12 months once you have been licensed to help you understand your obligations.

To do

  1. Download the Innovation Hub assistance request form
  2. Address the eligibility criteria
  3. Read our information on licensing and regulation
  4. Appoint a suitable contact within your organisation
  5. Direct any questions to the Innovation Hub team
  6. Submit your assistance request form

Related links

Subscribe for updates

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innovationhub@asic.gov.au

News

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 China and Australia to cooperate on fintech

6 November 2017

The China Securities Regulatory Commission ('CSRC') and ASIC have entered into an agreement to promote innovation in financial services in their respective markets.

Read the release

The fintech sector opportunity: ASIC perspective

2 November 2017

A speech by Commissioner John Price at the 4th Annual FinTech Summit 2017, Sydney, Australia

Read the speech

ASIC expands network of fintech cooperation agreements to Switzerland

27 October 2017

On 18 October 2017, ASIC and the Swiss Financial Markets Authority (FINMA) entered a new agreement to cooperate on innovation in the financial sector.

Read the media release

More news

Events

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ASIC's Regtech Showcase - Opening remarks
18 September 2017

by ASIC Chairman, Greg Medcraft.

'So what is ASIC’s role, and indeed the role for the regulator generally, in this fast moving environment?'

Read the full speech

About the event

Podcasts

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Crowd-sourced funding

ASIC Commissioner John Price joins the podcast to discuss recent law reform around crowd-sourced funding and ASIC's role in administering the new legislation.

Listen now or download for later

Last updated: 13/09/2016 02:56