In brief - New foreign Australian financial services licence
regime to commence on 1 April 2020
For a number of years now ASIC has continually and closely
supervised the onshore presence of foreign financial services
providers (FFSPs) under the previously available Class Order
relief. The Class Order relief has principally aimed to provide
relief to FFSPs based on sufficient equivalence of
regulation and limited connection with
Australia.
An FFSP is broadly a financial services business operating under
a financial services licence (or permission) outside of
Australia.
ASIC has now issued a
new policy and regulatory framework which will change the way
FFSPs must operate to comply with Australian law.
