12 MONTHS REPRIEVE FOR FOREIGN FINANCIAL SERVICES PROVIDERS USING AFSL EXEMPTIONS

Today the Australian corporate regulator, ASIC, announced an extension of 12 months for the transitional arrangements for the passporting exemptions and limited connection exemption, which will now expire on 31 March 2024. BACKGROUND The passporting exemptions and limited connection exemption from the need to hold an Australian financial services licence (AFSL) that have been used … Read more

FFSP AFSL exemption uncertainty continues

The Australian federal election was held on 21 May 2022 and has resulted in a change of government. The previous government had introduced a bill into Parliament to implement the foreign financial service provider (FFSP) exemptions to the requirement to hold an Australian financial services licence (AFSL) and that bill had lapsed on the dissolution … Read more

FFSP AFSL EXEMPTION UNCERTAINTY RETURNS

The bill to implement the foreign financial service provider (FFSP) exemptions to the requirement to hold an Australian financial services licence (AFSL) has lapsed on the dissolution of Parliament following the calling of the federal election yesterday. For more information on the final form of the bill (the Treasury Laws Amendment (Streamlining and Improving Economic Outcomes … Read more

Exposure draft legislation released for new FFSP AFSL exemptions

The eagerly awaited detail of the proposed new foreign financial service provider (FFSP) exemptions from the need to hold an Australian financial services licence (AFSL) was released on 20 December 2021. Earlier in 2021, Treasury consulted on restoring the ‘previously well-established regulatory exemptions’, and to create a fast-track licensing process for FFSPs wishing to establish … Read more