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ARTICLE · 20 OCTOBER 2023

Asic Extends Transitional Relief For Foreign Financial Service Providers

K&L Gates
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The Australian Investments and Securities Commission (ASIC) announced that it has further extended relief for foreign financial services providers (FFSPs) from the requirement...

AustraliaFinance and Banking
K&L Gates
K&L Gates
Lisa Lautier
Lisa Lautier

The Australian Investments and Securities Commission (ASIC) announced that it has further extended relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services licence (AFSL) when providing financial services to Australian wholesale clients.

Transitional arrangements for the sufficient equivalence relief and limited connection relief were due to expire on 31 March 2024. The extension means transitional arrangements can continue to 31 March 2025 under ASIC Corporations (Amendment) Instrument 2023/588.

The extension will provide FFSPs with time to move across to an updated regime that has been proposed by the Australian Government. Exposure draft legislation seeks to introduce exemptions for FFSPs to facilitate cross-border financial services. If passed, the proposed legislation will take effect on 1 April 2024. These exemptions include:

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