
Publication
Calming the storm after the SVB collapse: Prudential policy the key to stability
The collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank in the last week has caused turmoil in global financial market.
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Australia | Publication | December 19, 2018
ASIC has reached out to respondents to Consultation Paper 301 Foreign financial services providers (CP 301), including industry bodies to provide an update on this relief.
At a high level, ASIC has indicated that it will be proceeding with its proposal to introduce a modified AFS licence for foreign financial services providers (FFSP) that currently rely on ‘sufficiently equivalent’ relief under class orders. ASIC is still developing the framework for this modified AFS licence and has indicated that it may also consider some form of limited connection relief rather than repealing this exemption in its entirety as originally proposed.
ASIC is still considering the potential for grandfathering for FFSPs that are currently operating in Australia as well as the appropriate transitional period for FFSPs to apply for and be granted an AFS licence. However, we understand that a final position has not been reached for these issues.
ASIC has indicated that it is working towards releasing a further consultation paper and updated regulatory guide by April 2019. ASIC is also expected to publish its response to submissions received on CP 301 at the same time.
In September 2018, ASIC extended current relief for certain FFSPs in sufficiently equivalent jurisdictions until 30 September 2019. This means that ASIC will need to finalise its modified licence regime prior to this date (noting the proposed transition period discussed below) or an additional extension will need to be granted.
For background, the key proposals put forward by ASIC in CP 301 were:
We are working closely with the relevant industry bodies on this issue and will keep you updated of any developments.
Please contact us if you would like more information on this relief and ASIC’s proposed foreign AFS licensing regime.
Publication
The collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank in the last week has caused turmoil in global financial market.
Publication
The European Union’s Foreign Subsidies Regulation (the FSR) entered into force on 12 January 2023 and creates a new regime aimed at combating distortions of competition on the EU internal market caused by foreign subsidies. It imposes mandatory notification and approval requirements for acquisitions of significant EU businesses and large EU public tenders, and gives the European Commission (EC) extensive powers to launch ex officio investigations. The notification requirements go live on 12 October 2023.
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