APRA is considering whether "a more graduated approach to licensing may be warranted,"  going by comments in its second submission to the Financial System Inquiry.The prudential regulator acknowledged a need for "a more efficient and effective process for both applicants and APRA," without shedding much light on the context, which is the three to five years foreign banks must cool their heels before securing a branch banking authority."This may be particularly appropriate for established foreign institutions with a demonstrated track record of successful international operations and that are based in jurisdictions considered compliant with international standards and equivalent to APRA in terms of supervisory oversight," APRA said.