Publication
Greece
The applicable legislation establishing a national screening mechanism for foreign direct investments (FDI) and implementing Regulation (EU) 2019/452 in Greece is Law 5202/2025, which was adopted on 22 May 2025 (Greek FDI Law).
Maintaining the status quo: FFSP transitional relief to continue into March 2025
Australia | Publication | August 2023
The Australian Securities and Investments Commission (ASIC) has published a media release to confirm that the current transitional licensing relief for foreign financial services providers (FFSPs) providing financial services to Australian wholesale clients has been extended for a further 12 months to 31 March 2025.
FFSPs who held the benefit of “sufficient equivalence relief” under certain ASIC class order instruments on 31 March 2020 (see ASIC page for further details) as well as “limited connection relief” will continue to be able to benefit from these transitional arrangements.
The extension of the transitional relief, which was due to expire on 31 March 2024, was brought into effect by ASIC Corporations (Amendment) Instrument 2023/588.
Consistent with this extension, ASIC has also delayed the commencement of the funds management relief until 1 April 2025, (ASIC Corporations (Foreign Financial Services Providers—Funds Management Financial Services) Instrument 2020/199) which is intended to grant licensing relief to certain FFSPs that provide funds management financial services to specified categories of Australian professional investors.
ASIC has indicated that it will continue to consider new individual licensing relief applications, as well as new standard and foreign Australian Financial Services (AFS) licence applications, from entities that cannot rely on the transitional relief.
Foreign licensees who wish to enter the Australia financial services wholesale market can consider exploring these licensing applications with ASIC (whether it be the individual temporary relief pathway, or the AFS licensing route). If you would like further details on how we can assist you with these applications here at Norton Rose Fulbright, feel free to reach out to us below.
Partner
Email
vittorio.casamento@nortonrosefulbright.com
Recent publications
Publication
UK Government’s Department for Transport publishes Maritime Decarbonisation Strategy
The UK Government’s Department for Transport (the DfT) has published its Maritime Decarbonisation Strategy, setting out its plan for decarbonising maritime and new decarbonisation goals for the UK domestic maritime sector.
Publication
UK Supreme Court provides clarification on charterers’ liability limit under the 1976 Limitation Convention
On 9 April 2025, in MSC Mediterranean Shipping Company SA v Conti 11 Container Schiffahrts-GmbH & Co KG MS “MSC Flaminia”, the UK Supreme Court held that a charterer can in principle limit its liability under the 1976 Limitation Convention (the Convention) for a claim brought by the owner.
Subscribe and stay up to date with the latest legal news, information and events . . .