On 7 August 2023, Treasury published exposure draft legislation titled Treasury Laws Amendment (Measures for Future Bills) Bill 2023: Licensing exemptions for foreign financial service providers (Bill) and the accompanying Explanatory Memorandum for consultation.
Our team has made a formal submission on this consultation.
For several years, foreign financial services providers (FFSPs) and their Australian clients have been concerned about the uncertainty that has arisen in relation to the availability of the FFSP exemptions and whether FFSPs will be legally and commercially able to continue to provide their financial services to the Australian wholesale market. The consultation on this Bill is a welcome development which we hope will bring this period of uncertainty to an end.
If you would like to read a copy of our full submission, download a copy here.
If you have any questions, get in touch with one of our experts below.