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ARTICLE · 30 MAY 2022

FFSP AFSL Exemption Uncertainty Continues

Herbert Smith Freehills Kramer LLP
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The Australian federal election was held on 21 May 2022 and has resulted in a change of government. The previous government had introduced a bill into Parliament to implement...

AustraliaFinance and Banking
Fiona Smedley
Fiona Smedley
Ewan MacDonald
Ewan MacDonald
Yorick Ng
Yorick Ng
Adam Hickey
Adam Hickey
Matt Dulaney
Matt Dulaney

The Australian federal election was held on 21 May 2022 and has resulted in a change of government.

The previous government had introduced a bill into Parliament to implement the foreign financial service provider (FFSP) exemptions to the requirement to hold an Australian financial services licence (AFSL) and that bill had lapsed on the dissolution of Parliament following the calling of the federal election.

  • If the previous government had been returned, we would have expected the bill to be reintroduced.
  • Given the change of government, it is unclear whether the bill will be reintroduced. We will need time to understand what the new government intends to do in relation to FFSP exemptions.

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