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