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ARTICLE · 18 AUGUST 2022

12 Months Reprieve For Foreign Financial Services Providers Using AFSL Exemptions

Herbert Smith Freehills Kramer LLP
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Today the Australian corporate regulator, ASIC, announced an extension of 12 months for the transitional arrangements for the passporting exemptions and limited...

AustraliaFinance and Banking
Fiona Smedley
Fiona Smedley
Ewan MacDonald
Ewan MacDonald
Yorick Ng
Yorick Ng
Adam Hickey
Adam Hickey
Matt Dulaney
Matt Dulaney

Today the Australian corporate regulator, ASIC, announced an extension of 12 months for the transitional arrangements for the passporting exemptions and limited connection exemption, which will now expire on 31 March 2024.

BACKGROUND

  • The passporting exemptions and limited connection exemption from the need to hold an Australian financial services licence (AFSL) that have been used by foreign financial services providers (FFSPs) since 2003 are in a transition to expiry, due to expire on 31 March 2023.
  • The consultation in relation to the expiry and replacement of those exemptions had originally proposed that they would be replaced by the 'foreign AFSL' regime and the 'funds management exemption' (see our earlier article of 11 March 2020).

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