ASIC proposes to extend FFSP relief to 31 March 2020 and new funds management relief

Australia |  Publication |  July 3, 2019

ASIC has today published a media release on Consultation Paper 315 proposing to extend the current licensing relief for foreign financial service providers (FFSP) in Australia, while it further consults on the new licensing relief that will apply to FFSPs. 

Main takeaways: 

  • ASIC proposes to extend the ‘limited connection relief’ to 31 March 2020 and to allow a transition period to 30 September 2020.
  • ASIC proposes to provide new funds management relief to certain FFSPs subject to a cap on the scale of services they can provide to Australian professional investors.
  • ASIC intends to introduce a new foreign AFS licensing regime from 1 April 2020. 
  • The new licensing regime will permit FFSPs to provide financial services to wholesale clients and be exempt from certain requirements of the Corporations Act applicable to Australian financial services licensees. 
  • ASIC proposes a transition period of 24 months from 1 April 2020 for FFSPs relying on the sufficient equivalence relief to comply with the new licensing regime, including for example, submitting an application for a foreign AFS licence and having the application assessed by ASIC. 
  • Submissions to ASIC on Consultation Paper 315 are due by 9 August 2019. 

We intend to provide you with a more detailed analysis of the updated FFSP relief in due course. 



Contact

Jon Ireland
Jon Ireland
Partner
T: +61 2 9330 8773
jon.ireland@nortonrosefulbright.com

Industry:

Practice areas:

Recent publications

buildings and blue sky

Publication

The New Block Exemption Regulation on Research & Development Agreements and Horizontal Guidelines

On 1 March 2022, the European Commission (“EC”) published for consultation two draft revised horizontal block exemption regulations (“BERs”) on research and development (“R&D”) and specialisation agreements, as well as draft revised guidelines on horizontal cooperation (“the Guidelines”).

Global | August 12, 2022

Antitrust and competition
Hilltops

Publication

Draft Core Carbon Principles for the Voluntary Carbon Market released

The demand for voluntary carbon credits is rapidly expanding.

Global | August 10, 2022

Energy
Horizon Scanning

Publication

The new horizontal guidelines: information exchange

On 1 March 2022, the European Commission (“EC”) published for consultation two draft revised horizontal block exemption regulations (“HBERs”) on research and development (“R&D”) and specialisation agreements, as well as draft revised guidelines on horizontal cooperation (“the Guidelines”). The updated EC regulations and Guidelines are expected to enter into force on 1 January 2023.

Global | August 08, 2022

Antitrust and competition
site search

Subscribe and stay up to date with the latest legal news, information and events...

Register now