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Seven days to submit for ACL: ASIC

ASIC has "strongly recommended" that brokers get their ACL applications in by next Friday, 10 December.

In a release to the market yesterday, the credit regulator said it had issued 1500 ACL licences by 30 November, and was receiving 120 licence applications every business day.

However, ASIC said it would prefer to receive applications by the end of next week.

"The sooner you get your application in, the better - our experience shows that around 8% of applications are rejected, mostly due to insufficient information provided," the statement from ASIC said.

"We strongly recommend that you have your application in to us by Friday, 10 December, if you are registered with ASIC and you want to apply for an ACL."

ACL applicants can still submit their up until 31 December - the official deadline - provided they registered with ASIC by 30 June this year. However, ASIC staff will be on holidays from Christmas day until 4 January 2011.

In total, the regulator received 3880 applications by the end of November, with New South Wales having placed the most applications (478), followed by WA (350), Queensland (277) and Victoria (259).

By Ben Abbott | 03 Dec 2010