Publication
An officer’s duty to exercise due diligence: A clarification?
A recent decision of the District Court of New South Wales has clarified the content, nature and extent of an officer’s duty to exercise due diligence.
Australia | Publication | September 2019
ASIC has today published a media release confirming that the licensing relief for certain foreign financial services providers (FFSPs) has been extended to 31 March 2020. The relief was due to expire on 30 September 2019. Relief has been extended on the same terms until 31 March 2020.
The extension applies to the ‘limited connection’ relief together with the relief available under:
The extension follows ASIC’s release of Consultation Paper 315 in July 2019 (CP 315), which contemplated the extension of the relief to 31 March 2020.
In summary, ASIC also proposed under CP 315 to:
See our earlier update for more information on these proposals
Please contact us if you would like more information on ASIC’s proposed foreign AFS licensing regime and funds management relief.
Publication
A recent decision of the District Court of New South Wales has clarified the content, nature and extent of an officer’s duty to exercise due diligence.
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