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ARTICLE · 07 JUNE 2018

ASIC Proposes Modified Licensing Regime For Foreign Financial Services Providers

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The Australian Securities and Investments Commission (ASIC) is proposing to repeal the conditional Australian financial services licence (AFSL) ...

AustraliaFinance and Banking
Michael Hodgson
Michael Hodgson
Geoff Cairns
Geoff Cairns
Alexander Nielsen
Alexander Nielsen
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The Australian Securities and Investments Commission (ASIC) is proposing to repeal the conditional Australian financial services licence (AFSL) relief currently available to foreign financial services providers (FFSPs) providing financial services to wholesale clients in Australia, and replace that relief with a new 'foreign AFSL' regime.

In our view, the proposed foreign AFSL regime represents a major shift in ASIC policy and, if implemented, may have a significant impact on FFSPs looking to enter, or continue to participate in, the Australian market.

The consultation paper

On 1 June 2018, ASIC released Consultation Paper 301: Foreign financial services providers (CP 301), in which ASIC proposes to repeal:

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