Publication
Arbitration trends in the Middle East: What to expect in 2024 and beyond
The last several years have seen rapid growth in the Middle East.
Australia | Publication | August 2023
This article was co-authored with Abhi Ravishankar and Joel McKay
In a much anticipated development, Treasury has released for consultation its exposure draft on Australian financial service (AFS) license exemptions for foreign financial services providers (FFSPs) (the exposure draft Bill and explanatory memorandum can be found here). This consultation comes off the back of the previous Federal Government’s Bill which was tabled in Parliament in early 2022 (please see our article here) and lapsed with the calling of the Federal election in May 2022.
The draft Bill introduces a new condition on FFSPs relying on the proposed licensing relief to do all things necessary to ensure that the financial services are provided efficiently, honestly and fairly. This is subject to certain exceptions for financial product advice, dealing in a financial product or making a market or providing custodial or depository services in certain circumstances. ASIC will have the power to cancel any relevant exemption on the grounds that it reasonably believes the FFSP has contravened this efficiently, honestly and fairly condition.
In line with the previous Bill, the professional investor exemption allows FFSPs to conduct marketing visits to Australia of up to 28 calendar days each financial year.
The consultation period closes on 8 September 2023 and the draft Bill is expected to come into force on 1 April 2024. Please contact a member of our team if you have any queries about the draft Bill legislation or to discuss available options.
Publication
The last several years have seen rapid growth in the Middle East.
Publication
As the world enters the age of artificial intelligence, the use of technology in the legal sector continues to create interpretative difficulties and misunderstandings, sometimes with serious consequences, over seemingly trivial matters.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023