The bill to implement the foreign financial service provider
(FFSP) exemptions to the requirement to hold an
Australian financial services licence (AFSL) has
lapsed on the dissolution of Parliament following the calling of
the federal election yesterday.
For more information on the final form of the bill (the
Treasury Laws Amendment (Streamlining and Improving Economic
Outcomes for Australians) Bill 2022) (Bill)
that had been introduced into Parliament on 17 February 2022, see
our article here.
WHAT HAPPENS NOW?
The federal election will be held on 21 May 2022.
Whether the Bill will be re-introduced to Parliament or not
after the election will depend on the returned government. We will
have to wait to learn the returned government's position on the
FFSP AFSL exemptions.
