YPJT
The paragraphs I posted above are not from an ASIC application but from the actual license application itself which is a CASA document. It appears that they go through the whole process again prior to issuing the license whether you have an ASIC or not and it appears they can refuse the application if they deem you unfit.
What I can't find is how they determine your fitness or otherwise to hold the license and who actually makes the decision.