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ARTICLE · 26 JUNE 2018

Australian Regulator Proposes Changes To Licensing Of Foreign Financial Services Providers

Jones Day
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Many foreign financial services providers ("FFSPs") currently rely on one of two types of relief from broadly defined provisions of the Corporations Act 2001 that would otherwise require them to obtain and hold an AFSL.

AustraliaFinance and Banking
Mark Crean
Mark Crean
Robert Speed
Robert Speed
Joshua Kang
Joshua Kang
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The Situation: Many foreign financial services providers ("FFSPs") currently rely on one of two types of relief from broadly defined provisions of the Corporations Act 2001 that would otherwise require them to obtain and hold an Australian Financial Services Licence ("AFSL"). AFSL holders are subject to Australian financial services laws and regulation by the Australian Securities and Investments Commission ("ASIC").

The Development: ASIC recently released Consultation Paper 301. In it, ASIC seeks feedback on its proposals to repeal the two forms of relief, with a 12-month transition period, and to create a modified AFSL for FFSPs ("foreign AFSL").

Looking Ahead: Feedback on the Consultation Paper is due on 31 July 2018. Under the current timetable, the two existing forms of relief will be repealed on 30 September 2019, with a proposed 12-month transition period to 30 September 2020. Under the current proposed regime, FFSPs would then need to apply for a foreign

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