Introduction
As noted in our earlier
update, ASIC has released its updated proposals for the
licensing relief available to foreign financial services providers
(FFSPs) servicing wholesale clients in Australia,
with the release of Consultation Paper 315.
In summary, ASIC has proposed to:
- extend the expiry of the sufficient equivalence relief and
limited connection relief until 31 March 2020, with a transition
period to apply following the repeal of the relief;
- implement the previously proposed foreign licensing regime;
and
- introduce new funds management relief.
Current relief available to FFSPs
ASIC previously offered two types of relief from holding an
Australian financial services licence (AFSL) to
FFSPs who provide financial services to wholesale clients in
Australia:
