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ARTICLE · 22 FEBRUARY 2022

Legislation Introduced For FFSP AFSL Exemptions

Herbert Smith Freehills Kramer LLP
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On 17 February 2021, the Treasury Laws Amendment (Streamlining and Improving Economic Outcomes for Australians) Bill 2022 (Bill) was introduced...

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

On 17 February 2021, the Treasury Laws Amendment (Streamlining and Improving Economic Outcomes for Australians) Bill 2022 (Bill) was introduced into Parliament with a first reading in the House of Representatives.

Schedule 1 to this Bill gives effect to legislative reforms to the exemptions for foreign financial service providers (FFSPs) from the need to hold an Australian financial services licence (AFSL), as discussed in our earlier article Consultation paper released on financial services licensing exemptions for foreign financial service providers. These reforms introduce:

  1. the new 'professional investor exemption' - to replace the limited connection exemption;
  2. the new 'comparable regulator exemption' - to replace the passporting exemptions; and

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