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ARTICLE · 15 NOVEMBER 2025

Update: No Update On AFSL Reforms For Foreign Financial Service Providers

Piper Alderman
Piper Alderman
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Piper Alderman

Piper Alderman

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The lapsed Bill was not a perfect solution to this problem, but it was at least better than the current vacuum. Hopefully our next update on this topic will have some positive news.

AustraliaFinance and Banking
Mark Williamson
Mark Williamson
Alan Jessup
Alan Jessup
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In December 2021, we published an insight titled "The exposure draft legislation for Foreign Financial Service Providers (FFSPs) has dropped just in time for Christmas – Thank you Treasury" (read here). At that time, the industry anticipated imminent reform to clarify the application of AFSL laws to FFSPs.

With news this week that "the $3 trillion APRA-regulated superannuation industry now has more than 50% of its assets invested overseas"1 and ASIC reporting this week that there is no update to the application of AFSL laws to foreign financial service providers,2 it is worth a reminder about the vacuum that exists in Australian regulation for foreign fund managers who manage, or who want to manage, investments by Australian investors.

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