On 10 March 2020, ASIC published its
media release announcing the new regulatory framework for
foreign financial services providers (FFSPs)
providing financial services to wholesale clients in Australia.
Existing licensing relief has been extended as follows:
- ASIC has provided a 2 year transition period until 31 March
2022 for FFSPs relying on the sufficient equivalence relief on 31
March 2020; and
- the limited connection relief, which was due to expire on 31
March 2020 (with a 6 month transition), has been extended until 31
March 2022 in order to provide longer transitional relief to
FFSPs.
As set out in our previous
update, the new framework replaces ASIC's previous
licensing exemptions for foreign providers and introduces two new
regimes:
