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Clifford Chance

Clifford Chance

Briefings

ASIC to repeal licensing exemption for foreign financial services providers and temporary extension of passport relief

22 November 2016

The Australian Securities and Investments Commission (ASIC) has proposed changes to key Australian financial services (AFS) licensing exemptions relied upon by certain foreign financial services providers (FFSPs) that only provide financial services to Australian wholesale clients:

  1. Where the FFSP has a very limited connection with Australia; and
  2. Where the FFSP is able to be rely on the passport relief available for FFSPs regulated by certain foreign regulators.

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