Offshore financial services businesses operating in
Australia brace for further changes as submissions close on the
latest ASIC consultation paper.
On 3 July 2019, ASIC released Consultation Paper 315:
Foreign financial services provider: Further consultations
(CP 315), consulting on further proposed changes
to the Australian Financial Services Licence
(AFSL) regime for foreign financial service
providers (FFSPs). The consultation paper is a
follow up to ASIC's Consultation Paper 301: Foreign
financial services providers (CP 301)
released last year, and seeks consultation on the proposal to vary
the Australian financial services (AFS) licencing
relief for FFSPs.
In particular, ASIC is seeking to introduce a new 'funds
management' exemption to replace the 'limited
connection' exemption from March 2020.
