ASIC has reached out to respondents to Consultation Paper
301 Foreign financial services providers (CP
301), including industry bodies to provide an update on
this relief.
At a high level, ASIC has indicated that it will be proceeding
with its proposal to introduce a modified AFS licence for foreign
financial services providers (FFSP) that currently
rely on 'sufficiently equivalent' relief under class
orders. ASIC is still developing the framework for this modified
AFS licence and has indicated that it may also consider some form
of limited connection relief rather than repealing this exemption
in its entirety as originally proposed.
ASIC is still considering the potential for grandfathering for
FFSPs that are currently operating in Australia as well as the
appropriate transitional period for FFSPs to apply for and be
granted an AFS licence. However, we understand that a final
position has not been reached for these issues.
