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The international tax rules may have "passed their use-by date" but changes must be based on a real, not perceived flaw.

Treasury released the long awaited Potts Report into the regulation of Direct Offshore Foreign Insurers and Discretionary Mutual Funds on 27 May 2004. The Report recommends that DOFIs marketing insurance in Australia should remain exempt from prudential regulation in Australia if they are domiciled in a country with comparable regulation.

Changes may have significant implications for investors seeking to take advantage of traditionally generous treaty protections.

Article discusses new AFS licensing regime for foreign financial service providers.