ASIC extends relief for foreign financial service providers to 31 March 2020

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:

1. [CO 03/1099] UK regulated financial service providers;
2. [CO 03/1100] US SEC regulated financial service providers;
3. [CO 03/1101] US Federal Reserve and OCC regulated financial service providers;
4. [CO 03/1102] Singapore MAS regulated financial service providers;
5. [CO 03/1103] Hong Kong SFC regulated financial service providers;
6. [CO 04/829] US CFTC regulated financial services providers;
7. [CO 04/1313] German BaFin regulated financial service providers; and
8. ASIC Corporations (CSSF-Regulated Financial Services Providers) Instrument 2016/1109.

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:

1. allow a transition period following the repeal of the relief;
2. implement the previously proposed foreign licensing regime; and
3. introduce new funds management relief.

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.